By NKIRUKA NNOROM

Academy Press Plc has said that it will take advantage of the planned Central Bank of Nigeria, (CBN)’s ban on importation of Security and sensitive print materials to upgrade its facilities to full blown Security printing outfit.

Making the disclosure at the 48th annual general meeting in Lagos, the Chairman, Mr Babs Animashaun, said that already, the sister company, Academy Press Business Forum, is being re-tooled to take responsibility of the new project.

According to him, this project and other expansion measures put in place by the company would enable it to generate a turnover of N5billion in near future and help enhance its market share and activities in the stock market.

According to him, the company was able to conclude some expansion projects in capacity and new technology at the tail end of the financial year, adding that the expansion are expected to ginger more opportunities for the company in the market place.

With dividend pay-out of 7.5kobo per unit of 50kobo share due to every shareholder of the company, he explained that the company recorded a turnover of 2.3billion and profit before tax of N156million, against N165million recorded in 2011.

“The company was able to sustain the previous year’s turnover, achieving same N2.3billion as in previous year. However, the profit before tax decreased by six per cent, from N165million in the previous year to N156million.

The decrease was attributable to the operational cost increase due to inflation and Naira value loss that characterized the market in the year.

“The sustained result despite the harsh economic environment was an indication of the workings of skill and capacity repositioning process of the company.

The target in the immediate future is to continue along this line but with increased aggression while identifying existing and emerging opportunities in the market for business growth.”