Learn Africa Plc declares N4bn revenue at close of 2023 fiscal year

A book publishing firm, Learn Africa PLC has declared N4 billion as its total revenue after the close of its 2023 fiscal year which ended March 2024.

The firm’s chairman, Emeke Iwerebon, stated this during the firm’s 51st annual general meeting, stressing that the total revenue achieved in the 2023 fiscal year surpassed the N3.5b recorded in 2022, translating to an 18% per cent growth.

“In the 2023 fiscal year, our company, despite the harsh economic environment, achieved an 18% growth in revenue, increasing from N3.472 billion in 2023 to 4.084 billion in 2024.

“The company also achieved a marginal increase in gross profit from N1.908 billion in 2023 to N2.122 billion in 2024, having been profoundly affected by the unprecedented surge in publication costs of over 70% during the calendar year,” he said.

He, however, said the firm recorded N439m on credit loss, translating to a 57 per cent decline on its operating profit, adding however that despite the loss, the firm achieved N11.2m profit after tax.