Learn Africa led Nigeria’s publishing industry in June 2024, alongside University Press, both reporting the highest working capital figures.
For Learn Africa, the working capital stood at ₦3.4 billion, though this was a decline from ₦3.8 billion in the same period the previous year.
In contrast, Academy Press saw a significant increase in its working capital to ₦661 million, up from ₦181 million.
In the first half of 2024, Learn Africa and University Press recorded the highest working capital among Nigerian publishing companies, although both faced declines compared to the previous year.
Learn Africa’s working capital fell to ₦3.4 billion, down from ₦3.8 billion in H1 2023, while University Press’s working capital decreased to ₦2.9 billion from ₦3.17 billion.
In contrast, Academy Press experienced a rise in its working capital, reaching ₦661 million, a significant increase from ₦181 million in the same period last year.
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According to reports, total positive working capital for the three firms dropped from ₦7.36 billion in H1 2023 to ₦6.75 billion in H1 2024.
Academy Press also reported a substantial increase in after-tax profit, reaching ₦519 million, up from just ₦38 million in H1 2023.
However, both Learn Africa and University Press reported losses of ₦205 million and ₦164 million, respectively, leading to negative profit margins for both companies.
The Nigerian printing industry faces several challenges, including high operational costs, inflation, and a heavy reliance on foreign printers, which has hindered local production.
Moreover, the growing popularity of e-books and online education platforms has intensified competition.
In terms of market share, Academy Press solidified its leading position, holding 86.81% of the market, while Learn Africa and University Press experienced declines, with shares dropping to 5.87% and 7.32%, respectively.
