N387.5m Full-year loss Recorded By Academy Press
Academy Press Plc has reported a group loss before tax of N387.5m for the year ended March 31, 2017.
The firm had also reported a loss of N93.5m for the corresponding period of the previous year.
Its group revenue for the period stood at N2.12bn compared to N2.05bn of the corresponding period of last year.
In 2016, the Lagos-based printer showed great confidence in the country’s economy through the investment of N2bn in acquiring modern equipment within one year.
The Minister of Information and Culture, Alhaji Lai Mohammed, had unveiled some of the equipment, saying the company had continued to grow since it commenced production over 50 years ago.
The Chairman of Academy Press Plc, High Chief Simeon Oguntimehin, said the company had the capacity to produce 100 million standard books, 24 million magazines and annual reports and several million copies of sensitive and confidential print annually.
The printing equipment unveiled were the Muller Martini Concepta, a six colour press with output of 40,000 impressions per hour, and the Dimuken Hologramme Applicator Machine for applying hologram seal and hot foil stamping for security print and other sensitive documents.
Academy Press Plc was established in 1965. it is located at No 28/32 Industrial Avenue, Ilupeju Industrial estate, Lagos and occupies a space of approximately 172,800 sq. meters land. Primarily, the Company provides printing and binding services required for the production of educational books and periodicals, annual reports, brochures, posters etc.
The Initial desire of the founding fathers was to float a printing company that would break the monopoly of European printers which hitherto was responsible for corporate and educational printing in Nigeria then. This was achieved with great commitment and hard work. Through the sacrifice of the founding fathers. R.B. Gamble (American), B.A. Idris-Animashaun (Chairman), D. Yellop (British), Prof. A.B. Fafunwa.
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