By Taofik Salako Deputy Group Business Editor
University Press (UP) Plc recorded decline in sales but improved cost and internal operating efficiency supported the bottom-line, enabling the printing and publishing company to sustain dividend payout.
Audited report and accounts of UP for the year ended March 31, this year showed that sales dropped by 10.8 per cent during the period. However, cost of sales and operating expenses also reduced considerably, with a zero-leveraged balance sheet supporting the profit and loss accounts to overall positive performance outlook.
Underlying profitability and returns ratios were generally positive, with four percentage growth in gross profit margin.
The board of the company has recommended distribution of N64.71billion to shareholders as cash dividend for the business year, representing a dividend per share of 15 kobo.
Total assets dropped marginally from N3.49 billion in 2019 to N3.47 billion in 2020. The decline…