Despite an increase in administrative and operating costs, the New Vision Printing and Publishing Company Limited has realized a profit after profit of UGX 2.7 billion for the year ending June 2020, up from UGX2.1 billion in 2019.
The Company registered a turnover of UGX91.8 billion in 2020 compared to UGX90.2 billion in 2019. Total revenue grew by 1.8%.
The company recorded a gross profit of UGX24.3 billion in 2020 compared to UGX21.8 billion in 2019 while profit before taxation was UGX4.9 billion in 2020 compared to UGX3.9 billion in 2019.
Cost of sales decreased by 1.2%. The decrease was directly related to the drop in print media advertising and circulation revenue related costs of raw material inputs.
Increased operating expenses
According to the company financials released today, administrative and other operating expenses increased by 2.3% to UGX17.6 billion in 2020 from UGX17.2 billion in 2019. The increase in expenses was mainly attributed to higher computer services for home working due to Covid-19 Pandemic.
Print media brings in most revenue
The Company derived 48% of its revenue from print media although it fell from 56% in 2019.
Pearl Bank Celebrates Customers in Festive Campaign Dubbed Pearl SantaElectronic Media followed with 29%, the same amount like the one of 2019, 20% from commercial printing, increasing from 11% in 2019 and 3% (2019 – 4%) from the others.
Dividends
The company reveals that dividends of Shs18 per share will be paid to members on the share register on or before January 23, 2021.
“The Directors are pleased to propose a final dividend of UGX18 per ordinary share. The dividends, less withholding tax where applicable, will be paid on or before 23 January 2021 to members on the share register at close of business on 2 January 2021,” the company says.
Annual general meeting
The company has announced that it will hold a virtual Annual General Meeting on Thursday November 26, 2020 at 2pm. Before that, the Annual Report will be circulated by November 3, 2020.
