AKINWALE ABOLUWADE
The University Press Plc. shareholders have lauded the management of the company for its resilience and successes amid the economic challenges that currently beset the country.
The shareholders expressed their views in Ibadan, the Oyo State capital on Thursday at the 2024 Annual General Meeting of the company held at the Kakanfo Conference Centre, Mobil Ring road, noting that despite the turbulence being faced by investments in the land, it was able to declare dividends of N2.5kobo per share.
The company’s audited Financial Statements for the year ended March 31, 2014 showed that its turnover increased by 21per cent with a loss before tax of N222.2 million, indicative of a 200per cent decrease compared to its operating results for the year under review.
Mr Victor Segun Owolabi, one of the shareholders, said, “We can see a lot of indices in the account that encourage us to invest more in the company (UPPlc). It is quite encouraging. But, let me say there is always room for improvement.
“When I look at item 7 on the agenda and I saw the renumeration of the directors, I noted that the pay can hardly be enough. You are doing well and we need to remunerate you well.”
Mrs Fadekemi Dosumu Pereira from the Pragmatic Shareholders’ Association, charged the management to work harder in a bid to up its performance in the succeeding year.
The Managing Director/Chief Executive Officer, University Press Plc., Mr Samuel Kolawole, while addressing the AGM for the year ended 31st March 2024, stated that the year being reviewed came with significant challenges for the company in view of the turbulent economic environment in the country.
He said, “The effects of the Federal Government’s twin policies of floating the exchange rate of the Naira and the subsidy on petroleum products threw the economy into a tail spin of unprecedented difficulties. While these policies were well-intended and could give rise to positive outcome in the future, they have had devastating effects on the operations and profitability of many hitherto successful companies in Nigeria.
“While our company managed to improve on its year-on-year performance in terms of turnover, in spite of the serious challenges, the bottom line was negatively impacted by unprecedented fall in the value of the country’s currency, the Naira. This resulted in our company declaring a loss after loss of N57.73million. This is the first time the company is declaring a loss.”
On the future outlook, he said, “The challenges in the operating environment have persisted and not abated. The effects of the twin policies mentioned above are even being compounded by the recent electricity tariff hike also threatening to cripple manufacturing activities in Nigeria.
“As we look into the future, we have to respond appropriately and initiate strategies to ensure that we adapt to the prevailing economic challenges with a view to not only surviving as a company, but to also thrive.”
He assured shareholders that the company would make strategic adjustments to sustain its operations and maintain profitability. “I am not in any doubt that the company will pull through the economic challenges and return to profitability in no distant future. My confidence is borne out of the resilient nature of our business, the opportunities that abound for our products and the strategies we have put in place,” he said.
The company’s Chairman, Mr Obafunso Ogunkeye, expressed optimism that the global and domestic challenges being faced notwithstanding, the company would make a headway.
He said, “As we look to the future, we are committed to navigating these challenging times with strategic initiatives aimed at stabilizing our financial performance and positioning ourselves for sustainable growth. Our focus will remain on cost optimization, local sourcing and expanding our digital offerings.”
According to him, while the past year had been marked by significant economic challenges, “our company’s resilience and strategic initiatives have enabled us to navigate these turbulent times. We remain committed to delivering value to our shareholders, enriching the company’s products to our customers, creating a conducive working environment for our staff and contributing to the broader Nigerian economy.”
He expressed appreciation to the shareholders for their support and for having trust in the management.
