University Press Posts N153.7 Million Q1 Loss as Shareholders’ Equity Falls to N3.40 Billion

University Press Posts N153.7 Million Q1 Loss as the publisher reported a N153.69 million loss after tax for the first quarter ended June 30, 2026, with higher operating expenses outweighing revenue growth and reducing shareholders’ equity to N3.40 billion.

The unaudited financial statements released by the publishing company showed that net assets, which represent shareholders’ equity, declined from N3.56 billion at the end of March 2026 to N3.40 billion at the close of the first quarter

The publisher’s loss before tax stood at N153.69 million, improving from a loss of N179.11 million recorded in the corresponding period of 2025. The company reported no tax expense during the quarter, leaving the after-tax loss unchanged at N153.69 million.

Despite the loss, revenue rose by 24.7 per cent year-on-year to N427.14 million, compared with N342.61 million in the same period last year, driven by stronger sales of printed books across the western, eastern and northern regions of the country. Gross profit also increased to N233.72 million from N194.69 million.

However, rising operating expenses continued to weigh on profitability. Marketing and distribution expenses amounted to N175.24 million, while administrative expenses climbed to N237.49 million, together exceeding the company’s gross profit for the quarter and pushing it further into the red.

The quarterly loss translated into a decline in shareholders’ funds, with the company’s revenue reserve falling from N2.20 billion to N2.05 billion during the period. Meanwhile, share capital, share premium and revaluation reserves remained unchanged, indicating that the fall in equity was driven solely by the loss recorded in the quarter.

University Press ended the quarter with total assets of N4.60 billion, down from N4.73 billion three months earlier, while total liabilities rose slightly to N1.19 billion from N1.17 billion.

The company’s cash position also weakened during the quarter. Cash and cash equivalents fell to N554.52 million from N949.44 million, reflecting negative operating cash flows of N417.04 million.