The Chairman of University Press Plc, Mr Obafunso Ogunkeye, on Thursday in Ibadan said the company remained committed to enriching its products for customers and navigating challenges with strategic initiatives.
Ogunkeye, who stated this during the company’s 46th Annual General Meeting (AGM), added that it would therefore as a result continue to deliver value to its stakeholders.
The News Agency of Nigeria (NAN) reports that University Press Plc specialises in publishing, printing, marketing and distributing books in Nigeria for the education and general reading sectors.
Ogunkeye said the company would in the process create a conducive working environment for its staff and contribute to the broader Nigerian economy.
While admitting that the past year was marked with significant economic challenges, he said the company’s resilience and strategic initiatives made it to navigate those challenges.
Ogunkeye said the first and second quarters of 2023 were characterised by severe Naira shortage due to the stringent Central Bank of Nigeria (CBN) demonetisation policy ahead of the election.
He added that this was compounded by the fuel subsdy removal and devaluation of Naira.
“However, in spite of these formidable challenges, our company has shown remarkable resilience and adaptability.
“I am pleased to report that our turnover for the fiscal year 2023/2024 was N2.632 billion, marking a significant increase of N463.99 million or 21 per cent compared to the previous year’s N2.168 billion.
“This growth is a testament to our robust sales strategies and enduring demand for our products, particularly in the education sector which continues to drive our revenue,” the chairman said.
He said the board of the company had recommended a dividend of 2.5 Kobo per ordinary share, totalling N10.7 million for the 2023/2024 fiscal year.
Ogunkeye said the recommendation reflects the company’s commitment to delivering value to its shareholders while ensuring the financial stability of the company.
In his remarks, the company’s General Manager, Mr Samuel Kolawole, assured the shareholders that the company would continue to initiate necessary strategies to sustain operations and maintain profitability.
Kolawole further said the company would continue to invest and motivate its employees, being its greatest asset, for them to give their best.
In his remarks, one of the company’s shareholders, Mr Victor Owolabi, from Finance and Securities Limited, commended the company for its efforts and urged it to improve on it.(NAN)