Kenya’s largest media house, Nation Media Group, has announced a loss of KSh 205.7 million in the full year 2023, from KSh 318.5 million profit in 2022.
- The listed media house posted a net profit to just KSh 2.9 million for the half-year period ended 30th June 2023, a major decline from KSh 247.8 mn in the half-year of 2022.
- The Group says performance was adversely impacted by a challenging macro-economic environment with weakened consumer spending, rising prices of basic commodities, higher fuel prices and rising interest rates.
- In addition, the depreciation of the Kenya shilling against the US dollar aggravated the impact, resulting in an increase of 21 per cent (Kshs 298.7m) in cost of sales and a decline of 2.5 per cent in turnover.
“As we embark on our Digital Northstar journey, a decision was made to impair the printing press in Kenya, resulting in an impairment charge of KSh 291.4mn. Consequent to the above factors, the Group posted a loss before tax of KSh 431.8mn for the year,” Angela Namwakira Nation Media Group Secretary, said.
The second Share Buyback offer, where the company intends to buy back 19.03mn shares, opened on 3rd July, 2023. So far, the company has bought back 14.3mn shares.
Dwindling Advertising Revenues Force NMG to Issue a Profit Warning (kenyanwallstreet.com)
