University Press Plc has reported a profit after tax of N213.7m for the financial year ended March 31, 2026, representing a decline from the N450.6m recorded in the previous financial year.
The publishing company disclosed the results on Thursday during its 48th Annual General Meeting held at the Kakanfo Inn and Conference Centre in Ibadan, Oyo State.
The Chairman of the Board of Directors, Obafunso Ogunkeye, said the company’s revenue increased by approximately 14 per cent during the year, rising from N3.402bn in the preceding year to N3.895bn.
He said the revenue growth was broad-based, with particularly strong demand for books and other titles targeted at primary education. The company’s operations in the Northern Zone also performed creditably despite security challenges affecting parts of the region.
Despite the increase in revenue, University Press faced higher operating costs during the year. Ogunkeye identified high energy and transportation costs, elevated interest rates and security concerns as some of the factors that increased the company’s operating expenses and affected purchasing power.
Marketing and distribution expenses rose from N694.7m to N775.7m, reflecting higher transportation and sales costs as well as the company’s expansion of market coverage.
The chairman, however, said administrative expenses remained substantially unchanged at about N1.134bn, which he attributed to management’s efforts to contain overheads.
Profit from operations declined to N338.2m from N541.3m recorded in the previous financial year, while profit before tax fell from N619.7m to N389.5m.
Profit after tax consequently declined to N213.7m from N450.6m, while earnings per share dropped from 104.45 kobo to 49.53 kobo.
According to the company, the decline in profit was also influenced by the unusually high level of other income recorded in the previous year. Other income fell from N404.9m to N56.9m during the year under review.
The company also recorded a fair-value gain of N58.7m on investment property and finance income of N51.4m.
Despite the decline in profitability, the company’s revenue performance showed continued demand for its educational publishing products. University Press has a long-standing presence in Nigeria’s educational publishing market, supplying books and learning materials to schools, teachers, students and booksellers.
The Managing Director and Chief Executive Officer, Samuel Kolawole, said the company’s balance sheet remained resilient.
He disclosed that shareholders’ equity increased to approximately N3.54bn from N3.41bn, while the company remained largely debt-free. Cash and cash equivalents at the end of the financial year stood at approximately N950m.
Kolawole said the company would continue to focus on production efficiency, inventory control, appropriate pricing and the development of new revenue opportunities.
He added that the company would continue working to maintain the confidence of learners, teachers, schools, booksellers and parents through the quality, relevance and availability of its publications.
Management also said it would seek to recover unavoidable cost increases through commercially appropriate pricing while strengthening its distribution network and improving the efficiency of its operations.
The results highlight the pressure facing businesses operating in Nigeria’s publishing industry, where higher transportation, energy and other operating costs are occurring alongside efforts to maintain affordable educational materials.
University Press said it would continue to strengthen its operations and explore new revenue opportunities while maintaining its commitment to educational publishing.
