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University Press doubles profit to N354.63m

University Press doubles profit to N354.63m

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University Press Plc witnessed, improved performance in the immediate past year with 115 per cent growth in pre-tax profit.

Key extracts of the 12-month audited report for the period ended March 31, 2018 showed remarkable improvements in the top-line and bottom-line of the publishing company. Turnover rose to N1.80 billion in 2018 as against N1.61 billion in 2017. Profit before tax doubled by 115 per cent from N164.94 million in 2017 to N354.63 million in 2018. Profit after tax also jumped from N118.42 million to N207.41 million. Earnings per share increased from 27.45 kobo to 48.08 kobo.

The latest audited report further strengthened the positive outlook for the Ibadan, Oyo State-based University Press. The company had distributed N43.1 million to shareholders as cash dividend for the 2017 business year, representing a dividend per share of 10 kobo.

The audited report for the year ended March 31, 2017 had shown significant improvements as turnover rose from N1.47 billion in 2016 to N1.61 billion in 2017. Profit before tax more than doubled to N164.94 million in 2017 as against N70.21 million in 2016. After taxes, net profit jumped from N73.28 million to N118.42 million. Basic earnings per share thus improved from 16.99 kobo in 2016 to 27.45 kobo in 2017.

 

The post University Press doubles profit to N354.63m appeared first on The Nation Nigeria.

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