Academy Press Plc has announced a remarkable turnaround in its financial performance, reporting a profit after tax of N229.63 million for the period ended December 31, 2024. This represents a 186% improvement from the loss of N265.54 million recorded in the corresponding period of 2023.
Key Highlights:
- 186% turnaround in profit after tax to N229.63 million in FY 2024
- 5% increase in revenue to N3.19 billion, driven by improved operational efficiencies and cost management
- 57% increase in gross profit to N1.76 billion, due to reduced cost of sales
- Earnings per share rose to N0.03k, reflecting a 175% improvement from a loss per share of N0.04k in FY 2023
The company's impressive turnaround is attributed to its effective cost management strategies and improved operational efficiencies. Despite a marginal increase in revenue, Academy Press Plc was able to achieve significant growth in gross profit, driven by a reduction in cost of sales. The company's earnings per share also showed a substantial improvement, reflecting the positive impact of its turnaround efforts.
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