Quarter 3 - financial statement for 2026

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THIRD QUARTER ENDED 31 DECEMBER 2025

Apr -Dec.

Oct. -Dec.

Apr -Dec.

Oct. -Dec.

2025

2025

2024

2024

Notes

N'000

N'000

N'000

N'000

Revenue

1

3,542,846

780,328

3,022,379

483,840

Cost of sales

(1,632,199)

(548,060)

(1,228,383)

(212,681)

Gross profit

1,910,647

232,268

1,793,996

271,159

Other operating income

2

6,120

2,927

314,576

9,658

Marketing and Distribution expenses

(596,859)

(209,204)

(563,006)

(204,286)

Administrative expenses

(842,722)

(329,906)

(794,039)

(296,036)

Profit from continuing operations

477,186

(303,915)

751,527

(219,505)

Finance Income

2

32,045

7,972

46,039

14,665

Profit/(Los s ) before taxation

509,231

(295,943)

797,566

(204,840)

Taxation Expense

(169,822)

-

(286,858)

51,602

Profit after tax from continuing operations

339,409

(295,943)

510,708

(153,238)

Total Comprehensive income

attributable to owners of the entity

339,409

(295,943)

510,708

(153,238)

Basic earnings per 50k share

79k

(69)k

118k

(35)k

Diluted earnings per 50k share

79k

(69)k

118k

(35)k

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

December

March

Assets

2025

2025

Non-current assets

Notes

N'000

N'000

Property, plant and equipment

4

1,307,204

1,378,636

Investment Property

377,500

377,500

1,684,704

1,756,136

Current assets

Inventories and work-in-progress

5

1,952,692

1,658,470

Trade receivables

6

259,980

13,227

Other receivables and prepayments

7

150,367

69,405

Cash and cash equivalents

15

1,084,672

1,010,696

Total current assets

3,447,711

2,751,798

Total assets

5,132,415

4,507,934

Equity and Liabilities

Current liabilities

Trade payables

8

299,631

13,696

Other payables and accruals

9

728,982

787,559

Unclaimed dividends

109,403

109,403

Current income tax liability

3

171,995

49,571

1,310,011

960,229

Non-Current liabilities

Deferred taxation

139,251

139,251

Total Liabilities

1,449,262

1,099,480

Net Assets

3,683,153

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

2,326,353

2,051,654

3,683,153

3,408,454

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE THIRD QUARTER ENDED 31 DECEMBER 2025

Share

Share

Capital

PPE

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

-

-

-

-

339,409

339,409

Total comprehensive income/(loss)

-

-

-

-

339,409

339,409

Transactions with owners:

Dividend paid

-

-

-

-

(64,711)

(64,711)

-

-

-

-

(64,711)

(64,711)

Balance at 31 December 2025

215,705

146,755

1,442

992,898

2,326,353

3,683,153

UNIVERSITY PRESS PLC

STATEMENT OF CASH FLOWS

FOR THE SECOND QUARTER ENDED 31 DECEMBER 2025

2025

2024

Notes

N'000

N'000

Cash flows from operating activities

Profit after tax

339,409

510,708

Adjustments for:

Depreciation of property, plant and equipment

4

79,936

98,350

Gain from disposal of property, plant and equipment

4

(1,200)

(252,180)

Net Finance income

2

(32,045)

(46,039)

Taxation

169,822

286,858

555,922

597,697

Working capital changes:

Decrease/(increase) in inventories

5

(294,222)

221,675

(Increase)/decrease in trade receivables

6

(246,753)

(192,124)

Increase in other receivables and prepayment

7

(80,962)

(67,326)

Increase/(decrease) in trade payables

8

285,935

(901,190)

(Decrease)/increase in other payables

9

(58,577)

(149,404)

Cash generated from operations

161,343

(490,672)

Income tax paid

(47,398)

(78,773)

Net cash from operating activities

113,945

(569,445)

Cash flows from investing activities

Purchase of property plant and equipment

(8,504)

(204,332)

Sales proceed from sale of property, plant and equipment

1,200

325,582

Finance income

2

32,045

46,039

Net cash used in investing activities

24,741

167,289

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

73,975

(412,942)

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

1,084,672

749,406

UNIVERSITY PRESS PLC

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1

Revenue

Revenue is derived from sales of printed books in Nigeria.

31 December

31 December

Analysis by zone

2025

2024

N'000

N'000

Western Zone

1,619,748

1,345,750

Eastern Zone

648,515

655,885

Northern Zone

1,274,583

1,020,744

Total

3,542,846

3,022,379

2.(a)

Other operating income

N'000

N'000

Profit on disposal of property plant and equipment

1,200

252,180

Sundry income

58,035

Rent

4,920

4,361

6,120

314,576

(b)

Finance income

Interest received

32,045

46,039

32,045

46,039

3.

Taxation

(a)

Per income statement

N'000

N'000

Income tax on profit for the period

169,822

257,144

Education tax

-

25,714

Police Trust Fund Levy

-

857

-

283,715

Under provision in previous years

3,142

169,822

286,857

31 December

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

149,843

17,747

- Development levy/ Education tax

19,979

2,145

- Capital gain tax

-

27,660

- Police Trust Fund levy

-

31

Balance at the end of the period

171,995

49,571

(b)

Income tax expense is the aggregate of the charge to the income statement in respect of current income tax,

development levy 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% and 4% development levy in accordance with Nigeria Tax Act, 2025.

4

Property, plant and equipment

Printing

Furniture

Computer

and

and

Motor

other

Cost/Valuation Land

Buildings

Equipment

Equipment

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

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

Disposals -

4,672

-

3,832

-

8,504

-

At 31 December, 2025 613,629

578,200

141,314

212,656

60,072

1,083,167

2,689,038

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 -

Disposals -

8,673

6,907

10,849

3,364

50,143

79,936

-

At 31 December, 2025

41,264

121,098

146,495

43,881

1,029,096

1,381,834

Net book values at

At 31 March, 2025 613,629

545,609

22,451

73,178

19,555

104,214

1,378,636

At 31 December, 2025 613,629

536,936

20,216

66,161

16,191

54,071

1,307,204

30 December

31 March

5

Inventories and work-in-progress

2025

2025

N'000

N'000

(a)

Books

2,032,518

1,791,688

Allowance for obsolete inventories (Note 5(b)

(193,109)

(193,109)

1,839,409

1,598,579

Papers

47,561

9,942

Work-in-progress

57,812

42,169

Consumables

7,910

7,780

1,952,692

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

263,517

16,764

Allowance for receivables (Note 6(b) )

(3,537)

(3,537)

259,980

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

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

75,176

44,176

Sundry receivables (Note 7(b) )

75,191

25,229

150,367

69,405

(b)

Sundry receivables

These comprise:

N'000

N'000

WHT recoverable

2,765

7,571

WHT received

29,790

7,613

Other receivables

94,214

61,623

126,769

76,807

Allowance for other receivables (Note 7(c) )

(51,578)

(51,578)

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

75,191

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

0

9,944

Balance at the end of the period

51,578

51,578

30 December

31 March

2025

2025

8

Trade payables

N'000

N'000

Trade payables

299,631

13,696

9

Other payables and acruals

Deposit for special publications

60,327

35,989

Other suppliers

21,979

114,251

Staff pension fund (note 9(a))

7,537

7,366

Royalty payable (note 9(b))

536,027

470,219

Staff incentive

844

74,801

Withholding tax payable

5,523

22,577

Audit fees

6,792

7,500

Corporate social responsibility

8,621

8,621

Others

81,332

46,235

728,982

787,559

(a)

Staff Pension Fund

Balance at the beginning

7,366

57

Charge for the period

67,016

79,378

Payments during the period

(66,845)

(72,069)

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

7,537

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

285,100

252,575

Payments

(219,292)

(164,899)

Balance at the end of the period

536,027

470,219

31 December 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

31

December

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

339,409

450,626

Balance at the end of the period

2,326,353

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:

N'000

N'000

Cash at bank and in hand

742,656

347,033

Short term deposits

342,016

663,663

1,084,672

1,010,696

16

Capital commitments

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

31 December 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 31 December 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 31 December, 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.

Description

31-Dec-25

31-Dec-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

75,790,557

17.57

74,026,640

17.16

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

29,797,014

6.40

21,907,518

5.08

Total Substantial Shareholding

172,844,771

39.56

163,191,358

37.83

Director's Shareholdings (Direct and indirect)

excluding directors with substantial interests

Mr Obafunso Ogunkeye

905,314

0.21

905,314

0.21

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

2,462,811

0.57

Government Shareholding

72,576

0.02

72,576

0.02

Free Float in Units and Percentage

254,055,885

59.39

265,682,759

61.58

Free Float in Value (N)

127,027,943

132,841,380