Learn Africa Records 18% Revenue Growth, Total Asset Now N4.862bn

Oluchi Chibuzor

Learn Africa Plc, has announced that it recorded 18 per cent growth in revenue in their 2023/2024 financial year, increasing from N3.472 billion in 2023 to N4.084 billion in 2024. 

The Chairman, Board of Directors, Learn Africa Plc, Emeke Iwerebon, disclosed this at the company’s 2024 Annual General Meeting (AGM), held in Lagos.

He stated that the year 2023 would be remembered as one of the most challenging yet transformative periods in Learn Africa’s history. 

According to him, “In the 2023 fiscal year, our company, despite the harsh economic environment, achieved an 18 percent growth in revenue, increasing from N3.472 billion in 2023 to N4.084 billion in 2024. 

“The company also achieved a marginal increase in gross profit from N1.908 billion in 2023 to N2.122 billion in 2024, having been profoundly affected by the unprecedented surge in publication costs of over 70 percent during the calendar year.

“Operating profit, however, declined significantly by 57 percent, dropping from N607 million in 2023 to N260 million in 2024, following the company’s recognition of the expected credit loss provision on trade receiveables of N439 million. While this directly impacted short-term profitability, it nonetheless was a necessary step to safeguard our financial health and ensure the stability and sustainability of our operations.”