Friday, 01 October 2010  By Helen Oji

 

DESPITE the global economic recession, Academy Press Plc has achieved a turnover of N2.02 billion in its 2010 operation, against N1.7 billion recorded in 2009.

 

The company’s profit after tax also grew from N134 million in 2009 to N183 million during the year under review.

 

Addressing shareholders during the company’s 46th yearly general meeting, in Lagos, yesterday, the company’s Chairman, Mr. Animashaun, told shareholders that the percentage increase in turnover was 13.5 per cent, while profit after tax rose by 37 per cent.

 

Based on the improved result, a dividend of N21 million, translating to seven kobo per share and a bonus issue of one for every three shares held were approved by shareholders of the company during the meeting.

 

Reviewing the performance of the company, the chairman explained that business activities of the company were adversely affected by the financial sector reform of the Central Bank of Nigeria, which he said impacted negatively on the company’s capacity drive.

 

He however, added that the company leverage on the progress made over the years to achieve a significant growth during the year under review.

 

He urged the regulatory authorities to review its existing policies that does not urge well for the industry and replace it with new ones that would enhance profitability of the local printers.

 

“Some of our company’s business patronages were adversely affected due to reforms in the financial sector. Our capacity expansion drive was also stalled due to the same development. We were however, able to consolidate on the progress made in this respect so far to achieve some growth in the ended year.”

 

To consolidate on the performance, Animashaun said the company has concluded plans to acquire more equipment to enable them participate actively in the emerging business in the industry.

 

He assured shareholders that the company would continue to explore all avenues that would enhance profitability and generate good returns on their investments.

 

“Despite the challenges in the environment, the company will continue in its expansion drive. More equipment have been lined up for acquisition in the current period to enable us take advantage of the existing and emerging businesses in the sector”, he added.

 Source: Guardian