Academy Press Q3 result shows decline in revenue

The worsening economic downturn and challenged operating environment in the country was once again manifested in the education sector as Academy Press 2016 financial results showed.
The third quarter result for the period ended December 31 2016 released by the Nigerian Stock Exchange (NSE) showed that revenue recorded by the company dropped by 11 per cent to N1.38 billion, from N1.54 billion posted in the corresponding quarter of 2015.
Profit before tax closed at N283, 558 million, from N139, 160 million posted in the Q3 2015, reflecting growth by 104 per cent. Per share profit rose by 104 per cent to 0.47 kobo , from 0.23 kobo recorded in third quarter 2015, while cost of sales declined to N928,353million compared to N1.03 billion.
The results further showed that Academy Press Gross profit recorded in the third quarter 2016 declined to N460, 340million from N510, 753million 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, 907million, against N40, 927 recorded in the corresponding period of 2015.

According to the result, the company’ s foreign exchange loss in Q3 2016 stood at N23,868million, while other income that accrued the firm during the accounting period dropped to N17,705, from N17,841 in the same period of 2015.
The results further revealed total current assets of N1.16 billion, against N1.28 billion in 2015 Q3, the declining trend in assets value continued with total assets 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.