Studio Press lifts gross profit to N2.6bn

Studio Press Nigeria Plc has reinforced commitment to challenge operating headwinds headlong with its 2016 audited financial statement which showed growth in key performance indices.
The company’s audited result for the 2016 financial year released by the Nigerian Stock Exchange (NSE) recently showed that revenue for the period closed at N10.25 billion, which was N7.89 billion in 2015 financial year, reflecting over 20 per cent growth. Cost of sales stood at N7.7 billion, from N6.3 billion in the corresponding year.

Gross profit N2.55 billion, from N1.59 billion in 2015 financial year. Other comprehensive income for the year stood at N122.28 from N152.08 million in the prior year, indicating 45 per cent growth..
Administrative expenses N697.08 million, from N572.94 in the preceding year. Selling and distribution expensesN63.27 million, from N70.19 million in 2015.

Operating profit stood at N1.91 billion from N1.1 billion in the preceding year , financial cost in 2016 was N1.44 billion, from N1.26 billion recorded in 2015,while Total comprehensive profit for the year was N256.620 from N93.78 in 2015.

Studio Press (Nigeria) Plc is involved Printing and Manufacture of Light Packaging Materials, Labels including Commercial Lithographic Printing. The Company manufactures cartons and light packaging materials. The company is listed on the Nigerian Stock Exchange since 13th September 1979.