University Press (UP) Plc on Thursday in Ibadan declared a dividend of 10 kobo per share for the 2022/2023 financial year.

The Chairman, Board of UP Plc, Mr Obafunso Ogunkeye, made the declaration while addressing shareholders during the 45th Annual General Meeting (AGM) of the company.

Ogunkeye expressed optimism about the company’s future, saying it was more committed to its growth by ensuring optimal performance in spite of the challenging business environment.

He said the company would ensure it thrives through strategic planning, effective risk management and judicious use of its dedicated human capital and technology.

“The year in review was quite challenging for our company going by all that happened in this country and globally.

“The country witnessed high level of inflation occasioned by the Russia-Ukraine war, as well as tension between the U.S. and the People’s Republic of China.

“All these factors contributed to disrupting global supply chains.

“To counter the high level of inflation, Central Banks around the world increased interest rates.

“Africa also witnessed slow economic growth, dropping from 4.1 percent in 2021 to 3.6 percent in 2022, and it is projected to decline further in 2023 due to ever-rising inflation rates and high fiscal debt levels,” Ogunkeye said.

He stated that Nigeria experienced foreign exchange pressures, high levels of fiscal debt and weak governance, while the country’s dependence on oil as its main foreign exchange-earner offered little succour.

“The challenges of sourcing foreign exchange greatly affected our business as we were unable to produce our desired quantities through our foreign printers.

“It equally hindered our efforts at printing locally, owing to high cost of paper, which is a significant proportion of our cost of production,” the board chairman said.

He pointed out that the challenges faced, among others, resulted in a six per cent reduction in the company’s turnover when compared to the 2021/2022 fiscal year.

“The company’s turnover for 2022/2023 was N2.2 billion and the profit after tax was N142.3 million, a 31 per cent decrease when compared with the previous year.

“Considering the company’s performance, the board is recommending a dividend of 10 kobo per share or N43 million for the 2022/2023 financial year,” Ogunkeye said.

Similarly, the company’s Managing Director, Mr Samuel Kolawole, identified various challenges facing the firm in the year under review.

He said: “The company will continue to respond to the challenges identified and prepare for the unexpected that may emerge down the line.

‘We see a good future, even in the midst of all the challenges. We intend to continue to innovate, manage our costs, lean and efficient in the running of the company, to ensure that we are able to improve on our performances.”

The News Agency of Nigeria (NAN)

reports that some of the shareholders who spoke at the meeting included Messrs Alex Adio and Oladimeji Adeleke.

The duo commended the company for the payment of dividend, adding that it was an improvement from the five kobo dividend paid for the 2021/2022 financial year.(NAN) (www.nannews.ng)

Source: News Agency of Nigeria