CHAIRMAN of foremost publishing company in Nigeria, University Press Plc, Dr. Lekan Are has decried the increasing rate of piracy in the book industry in Nigeria and lamented how unserious government was in tackling the menace. Are said the sophistication with which book piracy was being done would soon run most publishers aground if nothing was done to check it and stated that publishers only made 30 per cent sales while pirates made a whopping 70 per cent sales of books in the country every year.Are made this observation at the Annual General Meeting of University Press Plc at Kakanfo Inn, Ibadan yesterday while addressing shareholders of the company, who, although expressed happiness at the huge profit posted by the company, felt it could have made more were there a friendlier business environment to operate. Are had said, 'Piracy is getting worse every year and government is not serious about curbing it. Pirates are getting more sophisticated every year in their operations, and we all know pirates do not run overhead costs like us genuine publishers.'All the publishers in Nigeria today only make 30 per cent sales across the country while pirates make as much as 70 per cent sales of pirated books. Although we have done certain things to protect our books from being pirated, the problem still persists and remains a serious and an endemic one'.However, in spite of challenging business environment occasioned by high level of book piracy, fuel subsidy removal early in the year that resulted in strike action in schools, increased insecurity in parts of the country, infrastructural challenges like poor electricity supply, inflation and high interest rates, Are stated that University Press Plc posted N2.082 billion turnover in the year ended March 2012. Out of this, the company recorded 11 per cent profit after tax from N343.5 million to N326.6 million in 2011.This is the first time the company had hit the N2 billion turnover mark, a feat which Are attributed to the company's determination to surmount challenges in the Nigerian business environment. He said to the shareholders, 'Although we faced difficult challenging circumstances that could have hindered the attainment of our goals/objectives during the reporting year, I am delighted to inform you that your company delivered a good performance in all parametres in the year under review compared to the previous year.'We increased the company's turnover by 11 per cent from N1.868 billion in 2011 to N2.082 billion in 2012, while the profit before tax increased to N343.5 million from N326.6 million, the profit after tax increased from N211.4 million in 2011 to N227.4 million in 2012. For the first time in the history of the company, we hit the two billion naira turnover!'The increased insecurity in the North notwithstanding, Are said government's bulk purchase of books for pupils in the zone largely accounted for the margin in profit by the company. The company, therefore, approved dividend payment of N150. 993 million, which represents an equivalent of 35 kobo dividend per share, for its shareholders.Are, who has attained the age of 70, was also returned as company's chairman after a unanimous vote on the floor. It was a vote of confidence on the board that had done well to take the company to profitability.Are used the occasion to pay special tribute to late former Governor of Central Bank of Nigeria, Mr. Ola Vincent, who was a former director of the publishing company.
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