September 3, 2019

Top Nigerian Publisher Reports Profit Decline

By Toyin Akinosho, Publisher, BookArtVille

Learn Africa Plc (formerly known as Longman Plc) experienced a slight drop in profit between full year 2017 and full year 2018 and yet went ahead and declared a dividend larger than it did the previous year.

The book publishing company, listed on the Nigerian Stock Exchange, made 208.65Million in net profit in 2018, compared with 266.7Million in 2017.

Company claims it “is the largest educational publisher in Nigeria with the widest range of books and educational resources as well as an expansive distribution network”

And the income slipped further in the first three months of 2019. The net profit in 15 months ending March 2019 was 162Million, according to the company’s own report, audited by Ernst &Young.

Learn Africa’s dividend after the 2018 report is 108Million, compared with 77.15 Million paid out after full year 2018.

“The directors in submitting to the shareholders the financial statements for the 15 months ended 31 March 2019, proposed the payment of dividend of 15k per ordinary share of 50 Kobo each for the 15 months ended 31 March 2019 (31 December 2017: 14K)”, the company says in the latest report.

Learn Africa Plc publishes and distributes educational material for the pre-primary, primary, secondary and tertiary education sectors in Nigeria. The company markets reference material, professional material, and general reading material as well as provides teacher training, education development programmes, digital content and educational consultancy services.

Established in 1961 and formerly known as Longman Nigeria, the company was wholly-owned by Longman Group UK Limited, now Pearson Education.

Pearson and Longman Nigeria mutually agreed to become separate corporate entities in 2011.

Learn Africa Plc claims it “is the largest educational publisher in Nigeria with the widest range of books and educational resources as well as an expansive distribution network. The company’s head office is in Lagos, Nigeria”.

Learn Africa reports that, of the inventories in its possession at the end of 2018, Publications, as an item, were worth about 1.5Billion.

 

 

 

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