Studio Press Nigeria reports 86.84% profit decline

Studio Press Nigeria Plc has posted a profit after tax of N37.55 million for the financial year 2020, down 86.84 percent from N285.36 million in 2019.

The company said its profit before tax fell to N84.73 million from N402.98 million.

Its revenue, however, rose to N11.48 billion last year from N10.38 billion in 2019, according to its audited financial statements released on Saturday.

Studio Press is involved in lithographic printing and manufacturing of cartons and light packaging materials.