Standard group is back to profitability after it recorded KSh397 million profits before tax; marking a shift from the KSh282 million loss it made in 2017. The media company attributed the improved earnings to efficient operations due to automation and effective use of resources.
The company’s revenues rose slightly by 4 per cent to KSh4.8 billion driven by good performance in the different revenue streams.
By automating most of its operations, Standard group managed to bring down its total operating costs by 11 percent to KSh4.4 billion from KSh4.9 billion booked the previous year.
According to the statement sent through
The group’s total assets grew by 5 percent to reach KSh4.7 billion. While its short term debt declined by 1 percent, the firm’s long term debt jumped up 40 percent. Nonetheless, long term debt only makes up 20 percent of the group’s total debt.
The newly implemented reporting standard -IFRS 9- saw Standard group’s provisions for debt rise by 74 percent.
The company’s directors are optimistic about 2019 performance. They reaffirmed the group’s commitment to engage with their customers and to provide products that meet market requirements. The directors propose a KSh0.6 dividend per share for the financial year 2018.