GOING by the tough economic situation in the country, which is also adversely affecting the publishing industry, publishing giant, University Press Plc, recently held its Annual General Meeting (AGM), which afforded stakeholders of the company to come together to brainstorm on steps to be taken in order for the company to continue to thrive.
Despite generating a turnover of N2.6 billion and paying N2.50k as dividends for the 2023/2024 financial year, which drew praises from shareholders, the company still highlighted the challenges it is facing in its efforts to make books available to Nigerians.
Speaking during the meeting, chairman of the company, Mr Obafunso Ogunkeye, said global and national economic challenges adversely affected the company, adding that the company also had to devise means to overcome such challenges, including printing more books locally.
Mr Ogunkeye, a lawyer, said: “The year 2023 was marked by significant global challenges that tested the resilience of businesses and economies worldwide. Geopolitical tensions, including the Israeli-Palestine conflict, the ongoing Russia/Ukaraine war, and rising trade tensions between the United States and China, as well as the China/Taiwan conflict, have all contributed to a volatile economic environment.
“These events led to humanitarian crises, soaring energy and commodity prices, supply chain disruptions and widespread geopolitical instability.
“In Nigeria, our journey was no less challenging; the first quarter of the year 2023 was characterised by a severe shortage of the naira due to the stringent implementation of the Central Bank of Nigeria (CBN)’s demonetisation policy ahead of the general election.
“The removal of the fuel subsidy in the second quarter and the implementation of a floating Naira exchange rate system led to about 200 percent increase in the price of petrol and devaluation of the Naira. These factors pushed the pushed the inflation rate from 21.82percent at the start of 2023 to 28.9 percent by year-end, driven by increased energy prices and the ripple effects of currency devaluation on goods and service.”
The chairman added that despite these challenges, the company was able to show resilience and adaptability, which made it record a turnover of N2.632 billion for the 2023/2024 fiscal year, which marked a significant increase of N463.99 million or 21 percent compared to the previous year’s N2.168 billion.
“The growth is a testament to our robust sales strategies and the enduring demand for our products, particularly in the educational sector, which continues to drive our revenue,” Mr Ogunkeye said.
Also, while highlighting the challenges facing the company, the Managing Director, Mr Samuel Kolawole, said University Press Plc will continue to respond appropriately and initiate strategies to ensure it adapts to the prevailing economic challenges with a view to not only survive as a company, but to also thrive.
The meeting also afforded to the company the opportunity to reappoint Non-Executive Directors and Independent Non-Executive Directors.
Stakeholders of the company then commended members of the board and management for the good work they are doing in ensuring that the company remains the foremost publishing firm in the country.
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