University Press Plc has lamented the rising cost of doing business in Nigeria, stating that the challenge has increased its cost of operations.
He said the country witnessed high levels of inflation occasioned by Russia/Ukraine war as well as tensions between the United States of America and the People’s Republic of China. All these factors contributed to disrupting global supply chains. Besides, he said the company’s revenue started on a promising note, however, as the year progressed, the aforementioned economic conditions stifled the revenue generation activities.
He said the company’s turnover for 2022/2023 was N2.2 billion. The profit after tax was N142.3 million, a 31 per cent decrease when compared with the previous year. He said most importantly, the year witnessed the redesigning of currency and the implementation of a cashless policy by the CBN. The resultant effect of the elections, combined with the unexpected redesign of the naira and the implementation of a cashless policy by the CBN posed greater challenges to the Nigerian economy than was envisaged by many.
However, shareholders have commended the company for its doggedness in withstanding the challenges being faced in the country.