GOING by way of the harsh financial status within the nation, which may be adversely affecting the publishing trade, publishing vast, College Press Plc, just lately held its Annual Common Assembly (AGM), which afforded stakeholders of the corporate to return in combination to brainstorm on steps to be taken to deliver for the corporate to proceed to thrive.
In spite of producing a giveover of N2.6 billion and paying N2.50k as dividends for the 2023/2024 monetary occasion, which drew praises from shareholders, the corporate nonetheless highlighted the demanding situations it’s dealing with in its efforts to build books to be had to Nigerians.
Talking all through the assembly, chairman of the corporate, Mr Obafunso Ogunkeye, stated world and nationwide financial demanding situations adversely affected the corporate, including that the corporate additionally needed to devise method to triumph over such demanding situations, together with printing extra books in the neighborhood.
Mr Ogunkeye, a legal professional, stated: “The year 2023 was marked by significant global challenges that tested the resilience of businesses and economies worldwide. Geopolitical tensions, including the Israeli-Palestine conflict, the ongoing Russia/Ukaraine war, and rising trade tensions between the United States and China, as well as the China/Taiwan conflict, have all contributed to a volatile economic environment.
“These events led to humanitarian crises, soaring energy and commodity prices, supply chain disruptions and widespread geopolitical instability.
“In Nigeria, our journey was no less challenging; the first quarter of the year 2023 was characterised by a severe shortage of the naira due to the stringent implementation of the Central Bank of Nigeria (CBN)’s demonetisation policy ahead of the general election.
“The removal of the fuel subsidy in the second quarter and the implementation of a floating Naira exchange rate system led to about 200 percent increase in the price of petrol and devaluation of the Naira. These factors pushed the pushed the inflation rate from 21.82percent at the start of 2023 to 28.9 percent by year-end, driven by increased energy prices and the ripple effects of currency devaluation on goods and service.”
The chairman added that in spite of those demanding situations, the corporate used to be ready to turn resilience and flexibility, which made it document a giveover of N2.632 billion for the 2023/2024 fiscal occasion, which marked a vital build up of N463.99 million or 21 % in comparison to the former occasion’s N2.168 billion.
“The growth is a testament to our robust sales strategies and the enduring demand for our products, particularly in the educational sector, which continues to drive our revenue,” Mr Ogunkeye stated.
Additionally, generation highlighting the demanding situations dealing with the corporate, the Managing Director, Mr Samuel Kolawole, stated College Press Plc will proceed to reply accurately and start up methods to safeguard it adapts to the pervasive financial demanding situations in an effort to now not most effective continue to exist as an organization, however to additionally thrive.
The assembly additionally afforded to the corporate the chance to reappoint Non-Government Administrators and Isolated Non-Government Administrators.
Stakeholders of the corporate next recommended contributors of the board and control for the nice paintings they’re doing in making sure that the corporate rest the most important publishing company within the nation.
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