Quarter 2 - financial statement for 2026

‌UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2025

Apr -Sept.

July -Sept.

Apr -Sept.

July -Sept.

2025

2025

2024

2024

Notes

N'000

N'000

N'000

N'000

Revenue

1

2,762,518

2,419,904

2,538,539

2,382,539

Cost of sales

(1,084,139)

(936,215)

(1,015,702)

(945,945)

Gross profit

1,678,379

1,483,689

1,522,837

1,436,594

Other operating income

2

3,193

1,573

324,234

257,401

Marketing and Distribution expenses

(387,655)

(218,234)

(358,720)

(213,930)

Administrative expenses

(512,816)

(286,786)

(498,003)

(302,479)

Profit from continuing operations

781,101

980,242

990,348

1,177,586

Finance Income

2

24,073

4,045

31,374

8,287

Profit/(Loss) before taxation

805,174

984,287

1,021,722

1,185,873

Taxation Expense

(268,145)

(268,145)

(338,460)

(338,460)

Profit after tax from continuing operations

537,029

716,142

683,262

847,413

Total Comprehensive income

attributable to owners of the entity

537,029

716,142

683,262

847,413

Basic earnings per 50k share

124k

166k

158k

196k

Diluted earnings per 50k share

124k

166k

158k

196k

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

September

March

Assets

2025

2025

Non-current assets

Notes

N'000

N'000

Property, plant and equipment

4

1,328,682

1,378,636

Investment Property

377,500

377,500

1,706,182

1,756,136

Current assets

Inventories and work-in-progress

5

1,961,926

1,658,470

Trade receivables

6

1,037,455

13,227

Other receivables and prepayments

7

39,504

69,405

Cash and cash equivalents

15

592,822

1,010,696

Total current assets

3,631,707

2,751,798

Total assets

5,337,889

4,507,934

Equity and Liabilities

Current liabilities

Trade payables

8

25,101

13,696

Other payables and accruals

9

913,043

787,559

Unclaimed dividends

109,403

109,403

Current income tax liability

3

270,318

49,571

1,317,865

960,229

Non-Current liabilities

Deferred taxation

139,251

139,251

Total Liabilities

1,457,116

1,099,480

Net Assets

3,880,773

3,408,454

Equity

Share capital

10

215,705

215,705

Share premium

11

146,755

146,755

Capital reserve

12

1,442

1,442

Revaluation reserves

13

992,898

992,898

Revenue reserve

14

2,523,973

2,051,654

3,880,773

3,408,454

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2025

PPE

Share

Share

Capital

revaluation

Revenue

Total

Capital

Premium

Reserve

Reserve

Reserve

Equity

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 April 2024

215,705

146,755

1,442

1,094,896

1,611,813

3,070,612

Profit for the year

-

-

-

-

450,626

450,626

-

-

-

-

450,626

450,626

Other comprehensive income

Items that will not be reclassified subsequently to

profit or loss: Revaluation release on disposal of landed property

-

-

-

(101,998)

-

(101,998)

-

-

-

-

-

-

Total comprehensive income/(loss)

-

-

-

(101,998)

450,626

348,628

Transactions with owners:

Dividend paid

-

-

-

-

(10,785)

(10,785)

-

-

-

-

(10,785)

(10,785)

Balance at 31 March 2025

215,705

146,755

1,442

992,898

2,051,654

3,408,454

Balance at 1 April 2025

215,705

146,755

1,442

992,898

2,051,654

3,408,454

Profit for the period

-

-

-

-

537,029

537,029

Total comprehensive income/(loss)

-

-

-

-

537,029

537,029

Transactions with owners:

Dividend paid

-

-

-

-

(64,711)

(64,711)

-

-

-

-

(64,711)

(64,711)

Balance at 30 September 2025

215,705

146,755

1,442

992,898

2,523,973

3,880,773

UNIVERSITY PRESS PLC

STATEMENT OF CASH FLOWS

FOR THE SECOND QUARTER ENDED 30 SEPTEMBER

2025

2025

2024

Notes

N'000

N'000

Cash flows from operating activities

Profit after tax

537,029

683,262

Adjustments for:

Depreciation of property, plant and equipment

4

53,415

65,651

Gain from disposal of property, plant and equipment

4

-

(276,598)

Net Finance income

2

(24,073)

(31,374)

Taxation

268,145

338,460

834,516

779,401

Working capital changes:

Decrease/(increase) in inventories

5

(303,456)

356,184

(Increase)/decrease in trade receivables

6

(1,024,228)

(1,246,027)

Increase in other receivables and prepayment

7

29,901

(34,492)

Increase/(decrease) in trade payables

8

11,405

(263,575)

(Decrease)/increase in other payables

9

125,484

(96,062)

Cash generated from operations

(326,378)

(504,571)

Income tax paid

(47,398)

(75,631)

Net cash from operating activities

(373,776)

(580,202)

Cash flows from investing activities

Purchase of property plant and equipment

(3,461)

(199,440)

Sales proceed from sale of property, plant and equipment

-

350,000

Finance income

2

24,073

31,374

Net cash used in investing activities

20,612

181,934

Cash flows from financing activities

Dividend paid

(64,711)

(10,785)

Net cash used in financing activities

(64,711)

(10,785)

Net increase in cash and cash equivalents

(417,875)

(409,054)

Cash and cash equivalents at the beginning of the year

1,010,696

1,162,348

Cash and cash equivalents at the end of the period

592,822

753,294

UNIVERSITY PRESS PLC

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1

Revenue

Revenue is derived from sales of printed books in Nigeria

30 Sept.

30 Sept.

Analysis by zone

2025

2024

N'000

N'000

Western Zone

1,291,355

1,130,244

Eastern Zone

602,874

598,095

Northern Zone

868,289

810,200

Total

2,762,518

2,538,539

2.(a)

Other operating income

N'000

N'000

Profit on disposal of property plant and equipment

-

276,598

Sundry income

-

44,729

Rent

3,193

2,907

3,193

324,234

(b)

Finance income

Interest received

24,073

31,374

24,073

31,374

3.

Taxation

(a)

Per income statement

N'000

N'000

Income tax on profit for the period

268,145

307,581

Education tax

-

30,769

Police Trust Fund Levy

-

110

-

338,460

Under provision in previous years

3,142

268,145

341,602

30 Sept.

31 March

Per statement of financial position:

2025

2025

N'000

N'000

Opening balance - Income tax

17,747

66,523

- Education tax

2,145

9,109

- Capital Gain Tax

27,660

1,921

Under provision/(Overprovision) brought forward

2,019

66

49,571

77,619

Payments during the year

- Income tax

(17,747)

(69,664)

- Education tax & Police Trust Fund

(1,992)

(9,109)

- Capital Gain Tax

(27,659)

2,173

(1,154)

Back duty assessment charge

3,142

Charge for the period

- Income tax

243,032

17,747

- Education tax

25,035

2,145

- Capital gain tax

-

27,660

- Police Trust Fund Levy

78

31

Balance at the end of the period

270,318

49,571

(b)

Income tax expense is the aggregate of the charge to the income statement in respect of current income tax, education tax and deferred tax.

(c)

The amount provided as Income Tax on the profit for the year has been computed on the

basis of the income tax rate of 30% in accordance with CAP C21 LFN, 2004 (as amended).

4

Property, plant and equipment

Computer

Printing and

Furniture

Motor

Cost/Valuation

Land

Buildings

Equipment

other

Equipment

and

Fittings

Vehicles

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

At 1 April 2024

642,429

529,700

128,636

204,261

42,993

1,167,483

2,715,502

Additions

146,600

48,500

10,477

5,229

17,225

228,031

Revaluation Surplus

-

Disposals

(175,400)

(2,471)

(666)

(146)

(84,316)

(262,999)

At 31 March, 2025

613,629

578,200

136,642

208,824

60,072

1,083,167

2,680,534

At 1 April 2025

613,629

578,200

136,642

208,824

60,072

1,083,167

2,680,534

Additions

1,043

2,418

3,461

Disposals

-

-

-

-

At 30 September, 2025

613,629

578,200

137,685

211,242

60,072

1,083,167

2,683,995

Accumulated depreciation

At 1 April 2024

-

21,187

100,579

124,158

39,527

970,167

1,255,618

Charge for the year

-

11,404

14,093

12,154

1,136

93,100

131,887

Disposals

-

(481)

(666)

(146)

(84,314)

(85,607)

At 31 March, 2025

32,591

114,191

135,646

40,517

978,953

1,301,898

At 1 April 2025

-

32,591

114,191

135,646

40,517

978,953

1,301,898

Charge for the period

-

5,782

6,907

5,616

1,682

33,428

53,415

Disposals

-

-

At 30 September, 2025

38,373

121,098

141,262

42,199

1,012,381

1,355,313

Net book values at

At 31 March, 2025

613,629

545,609

22,451

73,178

19,555

104,214

1,378,636

At 30 September, 2025

613,629

539,827

16,587

69,980

17,873

70,786

1,328,682

30 September

31 March

5

Inventories and work-in-progress

2025

2025

N'000

N'000

(a)

Books

1,317,316

1,791,688

Allowance for obsolete inventories (Note 5(b)

(193,109)

(193,109)

1,124,207

1,598,579

Papers

39,701

9,942

Work-in-progress

213,624

42,169

Goods in transit

574,879

-

Consumables

9,515

7,780

1,961,926

1,658,470

(b)

Allowance for obsolete inventories

N'000

N'000

Balance at the beginning of the period

193,109

166,048

Allowance for the period

-

27,061

Balance at the end of the period

193,109

193,109

6(a)

Trade receivables

N'000

N'000

(a)

Trade receivables

1,040,992

16,764

Allowance for receivables (Note 6(b) )

(3,537)

(3,537)

1,037,455

13,227

Allowance for Receivables

The movement in allowance for receivables is as follows:

N'000

N'000

(b)

Balance at the beginning of the period

3,537

30,228

Additions/(Reduction) during the year

-

(26,691)

Balance at the end of the period

3,537

3,537

7

Other receivables and prepayments

N'000

N'000

(a)

Prepayments

18,570

44,176

Sundry receivables (Note 7(b) )

20,934

25,229

39,504

69,405

(b)

Sundry receivables

These comprise:

N'000

N'000

WHT recoverable

2,765

7,571

WHT received

12,661

7,613

Other receivables

57,086

61,623

72,512

76,807

Allowance for other receivables (Note 7(c) )

(51,578)

(51,578)

Balance at the end of the year (Note 7(a) )

20,934

25,229

(c)

Allowance for other receivables

The movement in allowance is as follows:

N'000

N'000

Balance at the beginning of the year

51,578

41,634

Allowance for the year

-

9,944

Balance at the end of the period

51,578

51,578

30 September

31 March

2025

2025

8

Trade payables

N'000

N'000

Trade payables

25,101

13,696

9

Other payables and acruals

Deposit for special publications

65,241

35,989

Other suppliers

14,163

114,251

Staff pension fund (note 9(a))

7,521

7,366

Royalty payable (note 9(b))

694,104

470,219

Staff incentive

54,753

74,801

Withholding tax payable

26,749

22,577

Audit fees

4,543

7,500

Corporate social responsibility

8,621

8,621

Others

37,348

46,235

913,043

787,559

(a)

Staff Pension Fund

Balance at the beginning

7,366

57

Charge for the period

44,476

79,378

Payments during the period

(44,321)

(72,069)

Balance at the end of the year (Note 9(a))

7,521

7,366

Contribution to staff pension fund is payable to Pension Fund Custodian/Administrator.

(b)

Royalty

Opening balance

470,219

382,543

Charge for the period

231,389

252,575

Payments

(7,504)

(164,899)

Balance at the end of the period

694,104

470,219

30 Sept. 2025

31 March 2025

10

Share capital

Number

Value

Number

Value

'000

N'000

'000

N'000

Ordinary shares of 50 kobo each

431,410

215,705

431,410

215,705

30 Sept.

31 March

11

Share premium

2025

2025

N'000

N'000

Balance at the beginning of the year

146,755

146,755

Balance at the end of the year

146,755

146,755

12

Capital reserve

N'000

N'000

(a).

Balance at the beginning and end of the year

1,442

1,442

This represents 40% of profits retained on cessation of the

Nigerian Branch of Oxford University Press. The amount is

not remittable but is to be spent in Nigeria.

Property, plant and equipment revaluation reserve

13

The movement in revaluation reserve is as follows:

N'000

N'000

Balance at the beginning of the year

992,898

1,094,896

Addition

-

-

Revaluation write Up/(Off) during the year

-

(101,998)

Balance at the end of the period

992,898

992,898

14

Revenue reserve

N'000

N'000

Balance at the beginning of the year

2,051,655

1,611,814

Dividend paid

(64,711)

(10,785)

1,986,944

1,601,029

Profit for the period

537,029

450,626

Balance at the end of the period

2,523,973

2,051,655

15

Cash and Cash Equivalents

For the purpose of the statement of cashflows, cash comprises cash at bank and in hand and short term

deposits. Cash at the end of the financial year as shown in the cashflow is reconciled to the related items

in the statement of financial position as follows:

30 Sept.

2025

31 March

2025

N'000

N'000

Cash at bank and in hand

458,777

347,033

Short term deposits

134,045

663,663

592,822

1,010,696

16

Capital commitments

There were no commitments for capital expenditure at the statement of financial position date

30 September 2025: Nil

17

Related party transactions

Related parties include the Board of Directors, the Managing Director, close family members and

companies which are controlled by these individuals.

18

Post balance sheet events

No events or transactions have occurred since 30 September 2025 which would have a material effect upon the financial statements at that date or which need to be mentioned in the financial statements in order not to make them misleading as to the financial position or results of operations at 30 September, 2025

19

Comparative figures

Where necessary, comparative figures have been adjusted to conform to changes in presentation in

the current year in accordance with International Accounting Standard (IAS)1.

Company Name:

University Press Plc

Reporting Period

Sept 30, 2025

Issued Share Capital

431,409,504

Share Capital (N)

215,704,752

Description

30-Sep-25

30-Sep-24

Unit

Percentage

Unit

Percentage (%)

Issued Share Capital

431,409,504

100

431,409,504

100

Substantial Shareholding (5% and above)

Oxford University Press, UK

74,026,640

17.16

72,974,360

16.92

Awhua Resources Limited

40,155,291

9.31

40,155,291

9.31

Dr Lekan Are

27,101,909

6.28

27,101,909

6.28

Chukwuma Ndubueze Ajene

29,500,000

6.40

9,463,155

2.19

Total Substantial Shareholding

170,783,840

39.15

149,694,715

34.70

Director's Shareholdings (Direct and indirect) excluding directors with substantial interests

Mr Obafunso Ogunkeye

905,314

0.21

858,202

0.20

Mr Samuel Kolawole

661,776

0.15

661,776

0.15

Arc. Ayodeji Olorunda

288,228

0.07

168,228

0.04

Mr Yomi .A. Adewusi

324,416

0.08

324,416

0.08

Mr Ganiyu .A. Adebayo

217,077

0.05

217,077

0.05

Mrs Folakemi O. Bademosi

186,000

0.04

186,000

0.04

Mr Daudu Joseph Bodunrin

1,853,461

0.43

-

-

HRM Dr Josephine A. Diete-Spiff

-

-

-

-

Prof Tracie Chima Utoh Ezeajugh

-

-

-

-

Total Directors' Shareholding

4,436,272

1.03

2,415,699

0.56

Government Shareholding

72,576

0.02

72,576

0.02

Free Float in Units and Percentage

256,116,816

59.80

279,226,514

64.72

Free Float in Value (N)

128,058,408

139,613,257

(A) University Press Plc with a free float percentage of 59.80% as at September 30, 2025, is compliant with the exchange's free float requirements for companies listed on the main board

(B) University Press Plc with a free float value of N139,613,257 as at September 30, 2024, is compliant with the exchange's free float requirements for companies listed on the main board