UPL, one of the foremost
publishers in Nigeria, started as Oxford University Press in 1949. A change of
nomenclature to University Press Limited was effected following incorporation as
a limited liability company in 1978.Thereafter, its shares were listed on the
Nigerian Stock Exchange.
UPL has yet to have a foothold
outside Nigeria. Offshore sales account for about 2% of sales over the years.
Primary education remains the major contributor to revenue. The western and
northern parts of Nigeria are responsible for about 78% of both revenue and
operating profit. Tertiary and general reference books generated less than half
of the revenue of three years ago.
The
company is generating free cash flow. It pays dividend to shareholders
consistently and it is not bogged down by debts.
Slack sales that can be attributed to the current economic realities
could make stocks build up and capital tied up in stocks. Also, better working
capital will help prevent cash flow and liquidity problem.
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