Nation Media Group (Stock; NMG) has reported its Half Year 2017 financial performance with headline revenues declining by 6.40% to Sh 5.3 Billion.
The media giant said the decline in turnover was affected by reduced advertising revenues and challenging regional operating environment.
Net profits however increased slightly by 1.023% Sh 819.8 Million, driven mainly by savings as a result of last year’s restructuring exercise, sustained interest income and improved debt collection.
Performance of Business Segments
Its broadcasting division posted an impressive performance with NTV Kenya revenue growing by 18%. Digital media revenue grew by 54% despite contributing to less than 5% of its total revenues.
Revenues from the company’s most successful product, The Daily Nation fell by 7%, Business Daily revenue was down 3% while those from The East African newspaper were down by a significant 21%.
The company’s board declared an interim dividend of Sh 2.50 per share, unchanged for 7 years running.Share Price;