Academy Press Q3 result shows 11% decline in revenue
The worsening economic downturn and challenged operating environment in the country has again been manifested in the 2016 Academy Press financial results.
The third quarter result ended December 31, 2016, released by the Nigerian Stock Exchange (NSE) showed that revenue recorded by the company dropped 11 percent to N1.38 billion, from N1.54 billion in the corresponding quarter of 2015.
Profit before tax closed at N283.558 million, from N139.160 posted in Q3 2015, reflecting growth by 104 percent. Per-share, profit rose by 104 percent to 47 kobo, from 23 kobo recorded in third quarter 2015, while Cost of sales declined to N928.353 million compared to N1.03 billion.
Gross profit recorded in the third quarter 2016 declined to N460. 340 million from N510.753 million recorded in the same period of 2015. Administrative expenses also soared to N591.566 million from N412.454 million in 2015 Q3, while distribution expenses dropped to N34.907 million, against N40.927 million in the corresponding period of 2015
The results further revealed Total current assetsof N1.16 billion, against N1.28 billion in 2015 Q3, the declining trend in assets value continued with total asset which dropped to N3. 04 billion at the end of December 31 2016, from N3. 52 billion in the third quarter of 2015 accounting period.
Total current liabilities also closed the period at N1.14 billion from N1. 85 billion in third quarter 2015, trailed by Total liabilities closed at N2.72 billion, against N2.94 billion in Q3 2015.
Academy Press was established in 1965 primarily to provide printing and binding services for the local production of educational books and periodicals, which hitherto were being imported into Nigeria.
At the time of inception, educational books were being imported and most of the publishers were based in U.K. marketing outlet was able to persuade the publishers to print with the company, books that were meant for Nigeria market and that were being imported then. The company currently produces between 5 to 7million copies of educational books in Nigeria yearly.
