Nation Media Group (NMG) has made public its financial statements for the half year period ended 30th June 2022 reporting a decline both in the topline and bottom line.
The media company’s turnover fell slightly from Ksh 3.72 Billion to Ksh 3.695 Billion while Profit after income tax fell to Ksh 247.8 Million from Ksh 285.2 Million.
The board attributes the decline to the drastic rise in global newsprint prices and the depreciation of the Kenya Shilling against the US Dollar aggravating the cost of imported raw materials.
“The steady turnover was mainly attributable to growth in broadcast business, increased revenue from digital products and services and growth of our niche print products – Business Daily, The EastAfrican and Taifa Leo. The Group’s digital footprint grew to 52.2 million users compared to 44.9 million users the same period last year.” It said in a statement.
The firm’s directors did not recommend payment of an interim dividend citing prevailing economic environment and the group’s investment plans.
READ; NMG Reports Tenfold Rise in Net Profit to Kes 493.1 Million in 2021
