University Press reports 380.1% growth rate in Profit Before Tax to N361.5m

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By Philemon Adedeji

University Press Plc  has announced its financial statement for the period ended 31 March 2022, announcing Profit Before Tax (PBT) which impacted  on a huge profit, the group recorded 380.1 per cent growth in Profit Before Tax to N361.5 million in 2022 compared to N75.293 million generated in the corresponding period.

University Press Plc is a company listed on the Nigerian Exchange Limited (NGX), the group recorded profitability in all measures which means University Press has been maintaining consistent upward trajectory in its operation, the group Profit After Tax deployed stood at the sum of N207.5 million in 2022 from N57.107 million achieved in 2021, this showed a marginal difference of 263.3 per cent

The group audited results showed revenue of N2.305 billion in 2022 to N1.419 billion recorded in the comparable period of 2021,University Press Plc  has recorded huge profit of 62.4 profit in revenue during the full year ended 31 March 2022. The growth in profit drive revenue to gained 62.4 per cent.

However, University Press audited result announced on the floor of Nigerian Exchange Limited (NGX) gross profit seen in an impressive performance which gained a 57.9 per cent to N1.323 billion in 2021 from N838.3 million in corresponding period.

Earnings per share recorded during the period under review grew significantly by 263.3 per cent to 48.10 kobo in 2022 to 13.24 kobo in 2021.

Administrative expenses recorded by the group increased from N456.7 million in 2021 to N619.8 million in 2021, an of 35.7 per cent Year-on-Year growth rate.

From the balance sheet, in the audited results released, University Press Plc  recorded a strong net assets as growth and current assets improved further.

The group net assets deployed stood at the sum of  N3.172 billion in 2022 from N2.663 billion in 2021 audited result and account for the period ended 31 March 2021, but the group recorded nearly 9.9 per cent decline in current assets to N1.299 billion in 2022 from N1.433 billion achieved in 2021, while non-current assets gained 29.7 per cent to N1.518 billion in 2022 from N1.170 billion derived in 2021.

In addition, non-current liabilities increased by 45.8 per cent to N156.6 million in 2022 from N107.5 million reported in 2021.