Listed Media House, Standard Group Kenya has reported 51% growth in half year net profit of Ksh 32 Million from Ksh 21.4 Million reported in a similar period in 2015.
However, top line Revenues for the period in review were were unchanged at Ksh 2.2 Billion with total operating costs declining slightly to Ksh 2.06 Billion from Ksh 2.13 Billion posted in a similar period in 2015. Finance costs increased by a huge margin of 133% to Ksh 130.6 Million while the management said this was a result of acquisition of a new publishing system.
The revenue was largely attributed to the broadcasting segment of the business with television revenues growing by 64%. The group’s radio business through Radio Maisha recorded a 46% growth while its online and outdoor(Billboards) business segments grew by 6% and 20% respectively over this period. However, print advertising and circulation revenues declined by 10% and 16% respectively.
The management admits that the print division of the business is facing challenges and its becoming difficult to increase sales. But with the 2017 General elections approaching, it hopes it will close the year on a positive side.
