Learn Africa, formerly Longman Nigeria, has declared a 58 per cent growth in its business for the first quarter of 2012. Emeka Iwerebon, Chairman, Learn Africa, at the Pre-Annual General Meeting, AGM held recently, noted that the audited result of the company’s operations for the year ended December 31, 2011, showed that the company posted a turnover of N2.923 billion, which represented an 18 per cent decrease from the results recorded in the previous year.
In spite of this, he said that the company nonetheless achieved a moderate increase of 16 per cent in its Profit Before Tax, PBT, of N382.79 million in 2011 compared to the N328.78 million of 2010. The shareholders’ funds, according to him, also increased marginally from the previous year by one per cent to N3.435 billion in 2011. Iwerebon attributes this feat to enhanced efficient management and better allocation of the company’s resources.
Based on these indices, the company’s Board of Directors has therefore recommended for the consideration and approval of the shareholders at the AGM, slated for Thursday, a dividend of 25 kobo per 50 kobo ordinary share. The Board recommended the dividend after taking into consideration numerous factors such as the challenges associated with the divestment by the majority shareholders, the complexity and related costs involved in the transition from Longman Nigeria to Learn Africa, the reduced turnover during the corresponding period and the bonus issued by way of gift to existing shareholders on a pro rata basis.
