Academy Press posts N229m profit
Academy Press Plc has recorded a profit after tax of N229.63m for the period ended December 31, 2024, marking a turnaround from a loss of N265.54m recorded in the corresponding period of 2023.
This represents a 186 per cent improvement, driven by increased revenue and cost management strategies.
The company’s revenue rose marginally by five per cent to N3.19bn from N3.03bn in the same period of the previous year.
However, for the nine months ended September 2024, revenue declined by three per cent to N2.51bn from N2.59bn, while it also fell by five per cent in the six months ended June 2024 to N1.85bn from N1.94bn recorded in 2023.
The company posted a profit before tax of N229.63m for December 2024, compared to a loss before tax of N265.54m in the previous year. This shift is attributed to improved operational efficiencies and effective cost management.
Its earnings per share rose to N0.03k from a loss per share of N0.04k in December 2023, reflecting a 175 per cent improvement.
Cost of sales decreased to N1.42bn in December 2024 from N1.91bn in the corresponding period of 2023, leading to a gross profit of N1.76bn, up from N1.12bn in 2023. This represents a 57 per cent increase.
Other income increased to N92.30m from N17.65m in the previous year, showcasing improved revenue streams from non-core operations. Distribution expenses also rose to N237.97m from N67.37m, while administrative expenses increased to N1.19bn from N1.10bn in December 2023.
Despite the rise in expenses, the company achieved a positive result from operating activities of N229.63m, compared to a loss of N32.06m in the same period last year.
Finance costs decreased to N198.55m from N233.48m in December 2023. Consequently, the net finance cost stood at N233.48m, compared to N55.52m recorded in the previous year.
Academy Press Plc’s total assets increased to N2.75bn in December 2024 from N2.45bn in the previous year. Non-current assets slightly decreased to N1.15bn from N1.25bn, while current assets rose to N1.60bn from N1.20bn.
The company maintained its share capital at N378m, with total equity rising by 63 per cent to N213.38m from N130.91m in the same period last year. This growth is largely due to improved profitability and enhanced retained earnings.
Total liabilities increased to N2.54bn from N2.32bn in December 2023. Non-current liabilities stood at N1.27bn, down from N1.47bn, while current liabilities rose to N1.26bn from N848.92m.
The company’s borrowings reduced significantly to N4.15m from N149.39m, reflecting improved cash management and debt repayment strategies.
It reported a reduction in its workforce to 200 staff members in December 2024, compared to 226 in the previous year, reflecting a 12 per cent decrease. This is part of the company’s operational efficiency and cost optimisation measures.
