ACADEMY Press Plc has recorded a revenue of N2.34 billion in its 2014 operations, against N2.28 billion achieved in the previous year.
The company’s Profit Before Tax (PBT) stood at N82.6 million, compared to N83.3 million posted in 2013.
Besides, the company’s shareholders approved a dividend of eight kobo per 50 shares due to every investor of the company for the 2014 financial year.
The Chairman of the company, Simeon Oguntimehin, while addressing shareholders during the 50th yearly general meeting of the company, in Lagos at the weekend identified the importation of print products as the major threat bedeviling the growth of the printing industry.
He explained that importation has made both the huge capacity and skill labour that exists in the country idle.
“The operating import tariff regime which made importation to be more economically viable for print product buyers to the detriment of local printers has been responsible for this. We therefore wish to commend government on its recent pronouncement on measures to encourage industrilisation and job creation by amending tariffs that have constituted barriers to this objectives and hope the steps would be sustained to the benefit of the printing industry,” he said.
Oguntimehim, who explained that two of its subsidiaries recorded losses during the year under review, however, added that the retooling exercise embarked upon by these subsidiaries have been completed in the current year.
He added that the impact of the exercise would reflect on the result in the current year.
The company’s Profit Before Tax (PBT) stood at N82.6 million, compared to N83.3 million posted in 2013.
Besides, the company’s shareholders approved a dividend of eight kobo per 50 shares due to every investor of the company for the 2014 financial year.
The Chairman of the company, Simeon Oguntimehin, while addressing shareholders during the 50th yearly general meeting of the company, in Lagos at the weekend identified the importation of print products as the major threat bedeviling the growth of the printing industry.
He explained that importation has made both the huge capacity and skill labour that exists in the country idle.
“The operating import tariff regime which made importation to be more economically viable for print product buyers to the detriment of local printers has been responsible for this. We therefore wish to commend government on its recent pronouncement on measures to encourage industrilisation and job creation by amending tariffs that have constituted barriers to this objectives and hope the steps would be sustained to the benefit of the printing industry,” he said.
Oguntimehim, who explained that two of its subsidiaries recorded losses during the year under review, however, added that the retooling exercise embarked upon by these subsidiaries have been completed in the current year.
He added that the impact of the exercise would reflect on the result in the current year.
Culled from http://www.ngrguardiannews.com
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