University Press Plc (UP Plc) has emerged from a period of financial difficulty, demonstrating remarkable resilience and achieving a significant turnaround in its financial performance for the 2024/2025 fiscal year. After reporting losses in the previous year, the company has rebounded strongly, posting impressive profits and achieving growth across various key performance indicators. This positive shift underscores the effectiveness of the company’s strategic adjustments, operational efficiencies, and its ability to navigate challenging economic conditions. The company’s Chairman, Mr. Obafunso Ogunkeye, announced the positive results during the 47th Annual General Meeting, highlighting the company’s successful navigation of both national and global economic headwinds.
The financial highlights of UP Plc’s performance paint a picture of robust recovery. The company achieved a profit before tax of N619.7 million, a stark contrast to the N222.2 million loss recorded in the 2023/2024 financial year. Similarly, the net profit after tax reached N450.6 million, a significant reversal from the N157.7 million net loss incurred the previous year. This substantial improvement in profitability demonstrates the effectiveness of the company’s strategic initiatives and its ability to capitalize on market opportunities. As a result of this financial turnaround, the Board of Directors recommended a dividend of 15 kobo per 50 kobo share, a welcome development for shareholders who had endured the previous year’s losses. This dividend payout signals the company’s renewed financial strength and its commitment to rewarding its investors.
Several factors contributed to UP Plc’s impressive turnaround. Prudent financial management played a crucial role, ensuring efficient allocation of resources and cost optimization. Improved operational efficiency streamlined processes and maximized productivity, contributing to improved profitability. Furthermore, the company experienced significant revenue growth, reaching N3.40 billion, a 29 percent increase compared to N2.63 billion in the previous financial year. This revenue growth reflects the company’s ability to expand its market share and effectively meet customer demands. Additionally, asset disposals contributed to the improved financial position, providing additional capital for investment and growth initiatives.
Mr. Samuel Kolawole, the Managing Director of UP Plc, expressed optimism about the company’s future prospects, emphasizing the strong foundation laid by the improved financial performance. He highlighted the company’s renewed strength and momentum, attributing the success to the trust of the shareholders and the dedication of the workforce. Looking ahead, Kolawole outlined the company’s strategic priorities, including strengthening publishing operations, expanding reach to new schools and regions, and adapting to the evolving landscape of digital learning. He emphasized the importance of maintaining cost discipline to ensure sustainable growth in the long term. This forward-looking approach positions the company to capitalize on emerging opportunities and maintain its competitive edge in the education sector.
Shareholders at the Annual General Meeting expressed their satisfaction with the management’s performance, praising their leadership in guiding the company back to profitability. They described the financial results as impressive and urged the board and management to maintain the positive momentum. Shareholders also emphasized the importance of embracing technology to secure the company’s future, highlighting the growing significance of digital publishing and online learning platforms worldwide. This feedback underscores the need for UP Plc to continue innovating and adapting to the changing demands of the education sector. The re-election of Mr. Ogunkeye as Chairman and Professor Tracie Utoh-Ezeajugh as an independent non-executive director, both with unanimous shareholder approval, demonstrates the confidence in the current leadership and its strategic direction.
UP Plc’s return to profitability, coupled with the dividend declaration and a renewed market strategy, signals a strong trajectory for future growth. The company is well-positioned to solidify its presence in the Nigerian publishing and education sector, leveraging its financial stability and strategic vision. The focus on operational efficiency, revenue growth, and adaptation to digital learning trends will be crucial for navigating the evolving educational landscape and maintaining a competitive edge. As UP Plc moves forward, its commitment to innovation, cost discipline, and stakeholder value will be key drivers of its continued success.
