University Press Plc grew its revenue by 14.5 per cent to N3.895 billion in the financial year ended March 31, 2026, despite rising production, energy, transportation and financing costs.

The company disclosed this at its 48th annual general meeting, where management said the revenue growth reflected sustained demand for educational materials, particularly primary education titles, despite inflation and weakening purchasing power.

Profit before tax, however, fell to N389.5 million from N619.7 million recorded in the previous year, while profit after tax declined to N213.7 million from N450.6 million.

The company attributed the decline largely to higher operating costs and the absence of exceptional income recorded in the preceding year, when it realised significant gains from the disposal of certain assets.

Cost of sales rose from N1.45 billion to N1.76 billion during the year, driven by increases in materials, printing, production and logistics expenses.

Consequently, gross profit increased from N1.96 billion to N2.13 billion, although the gross profit margin narrowed from 58 per cent to about 55 per cent.

Marketing and distribution expenses also rose to N775.7 million from N694.7 million, reflecting higher transportation and sales costs as the company expanded its market coverage.

Profit from operations fell to N338.2 million from N541.3 million in the preceding year.

The Chairman, Obafunso Ogunkeye, said the performance demonstrated the resilience of the company’s core business despite a difficult operating environment.

He said inflation, high energy and transport costs, elevated interest rates and insecurity had increased operating costs while weakening the purchasing power of consumers and institutions.

Managing Director/Chief Executive Officer, Samuel Kolawole, said the results highlighted the need for the company to convert revenue growth more effectively into profitability.

Kolawole said the company’s strategy for the 2026/27 financial year would focus on strengthening its core publishing business, improving operational efficiency and developing new channels through which learners and institutions could access its content.