Finance

Learn Africa Plc records N2.39B turnover, introduces earn Africa eReader

Learn Africa Plc (formerly Longman Nigeria Plc), has recorded a turnover of N2.39 billion for the year ended 31 March 2021, a decrease of 16 per cent from $2.87 billion posted in 2020.

The company also posted a profit before tax of N282.08 million and an operating profit of N161.08 million after accruing N121 million as taxes.

As part of efforts to expand its product portfolio, the organisation, which is celebrating its 60th anniversary this year, has developed an App for the deployment of its e-contents wand made remarkable progress on the complete digitisation of its content, conversion of key titles into videos, and animation of nursery titles.

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Chairman, Board of Directors of Learn Africa Plc, Chief Emeke Iwerebon, in a statement explained that during the period under review, business organisations in Nigeria had to cope with the recurring challenges of insecurity, paucity of foreign exchange, deplorable road networks, epileptic power supply and multiplicity of taxes and levies.

He noted that all these were further compounded by COVID-19 global pandemic that strained healthcare facilities, disrupted school activities, and paralysed the entire national economy.

Iwerebon added that the lockdown and other measures instituted by the federal government to contain the virus caused a steep fall in demand for goods and services.

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“These measures had a disproportional negative impact on the education sector, as the federal government ordered the closure of all schools across the country to minimise the spread of the virus.

“Although, the COVID-19 restrictions were partially lifted during the latter part of 2020, the educational ecosystem, as we knew it, had been irreparably disrupted, leaving many businesses in palpable fear of a resurgence of the pandemic.

“Apart from the effects of the pandemic on our operations, you may recall that we promised in my last report, to drastically scale down on credit transactions. That promise was kept. We will continue to sustain this new and obviously healthier cash policy in all our future trading cycles.”

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