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The Managing Director/Chief Executive Officer of University Press Plc, Mr Samuel Kolawole, has assured shareholders that the company will pull through the economic challenges and return to profitability in no distant future.
Kolawole made this known on Friday while he addressed the Annual General Meeting of the company for the year which ended on March 31, 2024, held in Ibadan.
He said, “The effects of the Federal Government’s twin policies of floating the exchange rate of the naira and the subsidy on petroleum products threw the economy into a tailspin of unprecedented difficulties.
“While these policies were well-intended and could give rise to positive outcomes in the future, they have had devastating effects on the operations and profitability of many hitherto successful companies in Nigeria.
“While our company managed to improve on its year-on-year performance in terms of turnover, despite the serious challenges, the bottom line was negatively impacted by the unprecedented fall in the value of the country’s currency, the naira. This resulted in our company declaring a loss.”
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