University Press grows revenue to N3.8bn

The Chairman of the Board of Directors, University Press Plc, Mr Obafunso Ogunkeye, has stated that the publishing company recorded N213.7 million profit after tax in its financial year, which ended on March 31, 2026.

He said the company’s revenue increased by approximately 14 per cent to N3.895 billion from N3.402 billion in the preceding year.

“Revenue increased by approximately 14 per cent to N3.895 billion from N3.402 billion in the preceding year. Growth was broad-based, with particularly strong demand for primary education titles. The Northern Zone also performed creditably despite the security challenges affecting parts of the region,” the chairman said.

Obafunso disclosed this on Thursday while presenting the company’s preceding year’s performance at its 48th Annual General Meeting, held at the Kakanfo Inn and Conference Centre, Ibadan, the Oyo State capital.

He said the publishing firm operated amid high energy and transport costs, elevated interest rates, and security concerns, which increased operating costs and weakened purchasing power.

“Marketing and distribution expenses increased to N775.7 million from N694.7 million due to higher transport and sales costs and the expansion of market coverage,” Obafunso said.

The chairman, however, noted that administrative expenses were unchanged owing to management’s efforts to contain overheads. “Administrative expenses remained substantially unchanged at approximately N1.134 billion, reflecting management’s efforts to contain overheads,” he said.

“Profit from operations was N338.2m, compared with N541.3m in the preceding year. Profit before tax declined to N389.5m from N619.7m, while profit after tax was N213.7m, compared with N450.6m. Earnings per share consequently declined to 49.53 kobo from 104.45 kobo,” he added.

According to him, the reduction in profit must be viewed against the exceptional other income recognised in the preceding year, principally from asset disposals.

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“Other income was N56.9m, compared with N404.9m in the previous year. The company also recorded a fair value gain of N58.7m on investment property and finance income of N51.4m,” Obafunso said.

The chairman, however, assured that management would continue to improve production efficiency, strengthen inventory control, optimise the sales mix and apply commercially appropriate pricing to recover unavoidable cost increases.

The Managing Director and Chief Executive Officer of the company, Mr Samuel Kolawole, while highlighting the company’s financial performance, said the publishing firm remained largely debt-free and closed the preceding year with cash and cash equivalents of approximately N950m.

“Our balance sheet remained resilient. Total equity increased to approximately N3.54bn from N3.41bn in the preceding year. The company remained largely debt-free and closed the year with cash and cash equivalents of approximately N950m,” Kolawole said.

He said the results of the company’s performance reflected a business with growing revenue and strong market acceptance, but one operating within an exceptionally difficult cost environment.

Kolawole added that the company would continue to earn market trust through the quality, relevance and availability of its publications.

“University Press Plc has earned the confidence of generations of learners, teachers, schools, booksellers and parents. While that heritage is valuable, we are conscious of the fact that it will not secure our future on its own. We must continue to earn market trust through the quality, relevance and availability of our publications,” he said.

Kolawole assured that management would continue to strengthen the company and create new revenue opportunities that would enable authors, shareholders and other stakeholders to receive fair value from the content created and published.