Learn Africa plc posts 86% rise in profit in nine months

Academy Press

Learn Africa plc said its profit increased by 86% to NGN142.2 million in the nine months ended in the year 2017 compared to NGN76.2 million recorded same period in the financial year 2016.

The company said its revenue for the period increased to NGN1.7 billion from NGN1.6 billion reported in the previous year while gross profit stood at NGN1.0 billion against NGN914.2 million in the year before.

Learn Africa recorded higher operating profit of NGN200.3 million in contrast to NGN100.4 million recorded in the fiscal year 2016.

The total assets of Learn Africa plc in the period in review was NGN4.3 billion compared to NGN4.6 billion acquired in the year 2016 while total liabilities was lower at NGN1.3 billion against NGN1.6 billion in the year before.

About the company

Learn Africa Plc is a learning resource business with a history spanning over 50 years.  The company was established in 1961 as Longman Nigeria – a book publishing firm wholly owned by Longman Group UK Limited, now Pearson Education.

On July 23, 1996, the shares of Longman Nigeria Plc were listed on the Nigerian Stock Exchange.  In 2008, the company became a subsidiary of Pearson plc following the latter’s increase in its shareholding from 29 to 51 percent. In 2011, however, Pearson and Longman Nigeria mutually agreed to become separate corporate entities in Nigeria.

The main business of Learn Africa Plc is the publication and marketing of textbooks for the entire gamut of the educational system – nursery, primary, secondary and tertiary.  The company has equally distinguished itself in the marketing of reference, professional and general reading materials.  Today, Learn Africa Plc is Nigeria’s largest educational publisher with the widest range of books/educational resources and a very expansive distribution network.