University press plc profit rises by 61% in Q1

Triple Gee

University Press Plc has just reported a 61% jump in its profit for the first quarter of the year.

Total profit for the first quarter came in at NGN118.4 million from NGN73.2 million recorded same period 2016.

Revenue increased to NGN1.6 billion compared toNGN1.4 billion reported same period 2016. Its costs of sales for the period was NGN667.7 million against NGN680.2 million posted in 2016.

The company recorded a rise in its gross profit to NGN940.1 million in contrast to NGN791.6 million recorded in the previous year. its operating profit shut up to NGN99.9 million from NGN31.6 million recorded in the year 2016.

University Press said its profit before tax in the period in review was NGN164.9 million in contrast to NGN70.2 million recorded in the financial year 2016.

Total assets for the period was NGN3.5 billion compared to NGN3.1 billion acquired in the year before. Its total liabilities was NGN1.0 billion against NGN756.8 million posted in 2016.

Company Information

University Press Plc (UPPLC) is Nigeria’s largest indigenous book publisher. It was founded as the Nigerian branch of the British Oxford University Press in 1949 with the name Oxford University Press (OUP), Nigeria. At incorporation as a public liability company in 1978, the company’s name was changed to University Press Limited.

The company has coverage of the country and the West African sub-regions through the location of its area offices, depots, showrooms and a number of representatives in major cities and towns nationwide and also in Accra, Ghana. The company prints, publishes and sells books for education and general reading. The board of directors is composed of both executive and non-executive directors from a variety of backgrounds.

The company has won several awards such as the Nigerian Book Fair Trust Award of Recognition for sharing the vision of Nigerian Book Fair Trust and supporting the growth of the annual Nigerian Book Fair.