Year end - financial statement for 2026

Apr -Mar.

Jan.- Mar.

Apr -Mar.

Jan.- Mar.

2026

2026

2025

2025

Notes

N'000

N'000

N'000

N'000

Revenue

1

3,894,597

351,751

3,402,471

380,092

Cost of sales

(1,774,852)

(142,653)

(1,445,023)

(216,640)

Gross profit

2,119,745

209,098

1,957,448

163,452

Other operating income

2

54,953

48,833

412,642

98,066

Marketing and Distribution expenses

(775,788)

(178,929)

(694,730)

(131,724)

Administrative expenses

(1,124,737)

(282,015)

(1,134,015)

(339,976)

Profit from continuing operations

274,173

(203,013)

541,345

(210,182)

Finance Income

2

51,359

19,314

78,392

32,353

Profit/(Loss) before taxation

325,532

(183,699)

619,737

(177,829)

Taxation Expense

(130,242)

-

(169,111)

-

Profit after tax from continuing operations

195,290

(183,699)

450,626

(177,829)

Total Comprehensive income

attributable to owners of the entity

195,290

(183,699)

450,626

(177,829)

Basic earnings per 50k share

45k

(43)k

104k

(41)k

Diluted earnings per 50k share

45k

(43)k

104k

(41)k

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

March

March

Assets

2026

2025

Non-current assets

Notes

N'000

N'000

Property, plant and equipment

4

1,345,601

1,378,636

Investment Property

377,500

377,500

1,723,101

1,756,136

Current ass ets

Inventories and work-in-progress

5

1,854,324

1,658,470

Trade receivables

6

15,215

13,227

Other receivables and prepayments

7

109,394

69,405

Cash and cash equivalents

15

949,160

1,010,696

Total current as sets

2,928,093

2,751,798

Total ass ets

4,651,194

4,507,934

Equity and Liabilities

Current liabilities

Trade payables

8

28,693

13,696

Other payables and accruals

9

702,398

787,559

Unclaimed dividends

109,403

109,403

Current income tax liability

3

132,415

49,571

972,909

960,229

Non-Current liabilities

Deferred taxation

139,251

139,251

Total Liabilities

1,112,160

1,099,480

Net Ass ets

3,539,034

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

2,182,234

2,051,654

3,539,034

3,408,454

Mr. Obafunso Ogunkeye Chairman

Mr. S. Kolawole

Managing Director Executive

Dr. G. A. Adebayo Director (Finance)

FRC/2013/CITN/00000003567

FRC/2013/ICSAN/00000003248

FRC/2013/ICAN/00000003250

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

-

-

-

-

195,290

195,290

Total comprehensive income/(loss)

-

-

-

-

195,290

195,290

Transactions with owners:

Dividend paid

-

-

-

-

(64,711)

(64,711)

-

-

-

-

(64,711)

(64,711)

Balance at 31 March 2026

215,705

146,755

1,442

992,898

2,182,234

3,539,034

2026

2025

Notes

N'000

N'000

Cash flows from operating activities

Profit after tax

195,290

450,626

Adjustments for:

Depreciation of property, plant and equipment

4

107,069

131,888

Gain from disposal of property, plant and equipment

4

(38,196)

(311,310)

Fair value gain on revaluation of investment properties

(7,700)

Net Finance income

2

(51,359)

(78,392)

Taxation

130,242

169,111

343,046

354,223

Working capital changes:

Decrease/(increase) in inventories

5

(195,854)

402,335

(Increase)/decrease in trade receivables

6

(1,988)

451

Increase in other receivables and prepayment

7

(39,989)

(24,353)

Increase/(decrease) in trade payables

8

14,997

(904,731)

(Decrease)/increase in other payables

9

(85,161)

(127,082)

Cash generated from operations

35,051

(299,157)

Income tax paid

(47,398)

(78,773)

Net cash from operating activities

(12,347)

(377,930)

Cash flows from investing activities

Purchase of property plant and equipment

(74,034)

(228,031)

Sales proceed from sale of property, plant and equipment

38,196

488,702

Finance income

2

51,359

78,392

Net cash used in investing activities

15,521

339,063

Cash flows from financing activities

Movement in Revaluation Reserve

-

(101,998)

Dividend paid

(64,711)

(10,785)

Net cash used in financing activities

(64,711)

(112,783)

Net increas e in cash and cash equivalents

(61,537)

(151,651)

Cash and cash equivalents at the beginning of the year

1,010,696

1,162,347

Cash and cash equivalents at the end of the period

949,160

1,010,696

1

Revenue

Revenue is derived from sales of printed books in Nigeria.

31 March

31 March

Analysis by zone

2026

2025

N'000

N'000

Western Zone

1,762,284

1,697,964

Eastern Zone

683,670

665,331

Northern Zone

1,448,643

1,039,176

Total

3,894,597

3,402,471

2.(a)

Other operating income

N'000

N'000

Profit on disposal of property plant and equipment

38,196

311,310

Sundry income

8,896

96,057

Rent

7,861

5,275

54,953

412,642

(b)

Finance income

Interest received

51,359

78,392

51,359

78,392

3.

Taxation

(a)

Per income statement

N'000

N'000

Income tax on profit for the period

114,267

17,747

Development levy

15,975

2,145

Police Trust Fund Levy

-

31

Capital Gain Tax

-

27,660

Deferred tax

-

118,387

-

165,970

Under provision in previous years

3,142

130,242

169,112

31 March

31 March

Per statement of financial position:

2026

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 as ses sment charge

3,142

Charge for the period

- Income tax

122,419

17,747

- Development levy/ Education tax

16,323

2,145

- Capital gain tax

-

27,660

- Police Trust Fund levy

-

31

Balance at the end of the period

132,415

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

Computer

Printing and

Furniture and

Motor

Cost/Valuation Land

Buildings

Equipment

other 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

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

57,542

8,693

7,799

74,034

Disposals -

-

-

-

At 31 March, 2026 613,629

578,200

194,184

217,517

67,871

1,083,167

2,754,568

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 -

11,563

14,534

11,510

3,415

66,047

107,069

Disposals -

-

-

At 31 March, 2026

44,154

128,725

147,156

43,932

1,045,000

1,408,967

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 March, 2026 613,629

534,046

65,459

70,361

23,939

38,167

1,345,601

31 March

31 March

5

Inventories and work-in-progress

2026

2025

N'000

N'000

(a)

Books

2,008,158

1,791,688

Allowance for obsolete inventories (Note 5(b)

(219,611)

(193,109)

1,788,547

1,598,579

Papers

9,942

Work-in-progress

57,656

42,169

Consumables

8,121

7,780

1,854,324

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

26,502

27,061

Balance at the end of the period

219,611

193,109

6(a)

Trade receivables

N'000

N'000

(a)

Trade receivables

18,752

16,764

Allowance for receivables (Note 6(b) )

(3,537)

(3,537)

15,215

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

62,735

44,176

Sundry receivables (Note 7(b) )

46,659

25,229

109,394

69,405

(b)

Sundry receivables

These comprise:

N'000

N'000

WHT recoverable

2,765

7,571

WHT received

29,992

7,613

Other receivables

65,480

61,623

98,237

76,807

Allowance for other receivables (Note 7(c) )

(51,578)

(51,578)

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

46,659

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

31

March

31

March

2026

2025

8

Trade payables

N'000

N'000

Trade payables

28,693

13,696

9

Other payables and accruals

Deposit for special publications

38,777

35,989

Other suppliers

42,858

114,251

Staff pension fund (note 9(a))

7,172

7,366

Royalty payable (note 9(b))

498,678

470,219

Staff incentive

41,257

74,801

Withholding tax payable

8,275

22,577

Audit fees and other expenses

9,043

7,500

Corporate social responsibility

4,478

8,621

Others

51,860

46,235

702,398

787,559

(a)

Staff Pension Fund

Balance at the beginning

7,366

57

Charge for the period

88,947

79,378

Payments during the period

(89,141)

(72,069)

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

7,172

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

248,864

252,575

Payments

(220,405)

(164,899)

Balance at the end of the period

498,678

470,219

31 March 2026

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 March

31 March

11

Share premium

2026

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 res erve

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

191,268

450,626

Balance at the end of the period

2,178,212

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

87,830

347,033

Short term deposits

861,330

663,663

949,160

1,010,696

16

Capital commitments

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

31 March 2026: 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 March 2026 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 March, 2026

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-Mar-26

31-Mar-25

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

Sanyaolu Jonathan Ayomitunde

-

23,530,724

5.45

Chukwuma Ndubueze Ajene

-

-

22,007,518

5.10

Total Substantial Shareholding

143,047,757

33.16

186,822,082

43.31

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

Mr Innocent .C. Okorie

582,989

0.14

582,989

0.14

Mallam Adamu .A. Sufi

43,200

0.01

43,200

0.01

Arc. Ayodeji Olorunda

288,228

0.07

168,228

0.04

Mr Yomi .A. Adewusi

324,416

0.08

324,416

0.08

Prof Akachi Ezeigbo

314,265

0.07

314,265

0.07

Mr Ganiyu .A. Adebayo

217,077

0.05

217,077

0.05

Mrs Folakemi O. Bademosi

186,000

0.04

186,000

0.04

Total Directors' Shareholding

3,523,265

0.82

3,790,258

0.79

Government Shareholding

72,576

0.02

72,576

0.02

Free Float in Units and Percentage

284,765,906

66.01

240,724,588

55.89

Free Float in Value (N)

142,382,953

120,362,294

(A) University Press Plc with a free float percentage of 66.01% as at March 31, 2026, 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 N142,382,953 as at March 31, 2026, is compliant with the exchange's free float requirements for

companies listed on the main board