Standard Group Plc reduced its loss before tax to KSh 22m for year ended 31st December 2021 compared to a loss before tax of KSh 434.4m over a similar period in 2020, an improvement of 95%.
According to the media house’s audited accounts revenue increased to KSh 3.1 billion in 2021 from KSh 2.9 billion in 2020 while total operation costs declined from KSh 3.3 billion in 2020 to KSh 3.1 billion in 2021.
Cost rationalization continued to be integral to the company’s operations which saw the Group’s total operating costs reduce by 5% from 2020.
Standard Group Plc Balance Sheet Size
Standard Group recorded a total comprehensive loss of KSh 73.2m in 2021 from KSh 352.2m in 2020 while its balance sheet size grew from KSh 4.1 billion to KSh 4.4 billion at the end of 31st December 2021. The Group incurred an income tax expense of KSh 51 m that arose from temporary differences in deferred tax.
Earnings per Share, which measured a firm’s profitability improved to KSh-0.81 in 2021 from KSh – 3.79 in 2020. The outlook for 2022 is optimistic.
“We expect revenue growth from new business initiatives with focus on partnerships. Further, we continue to enhance our operational efficiency while diversifying our product portfolio and innovating ways to improve the business,” said the Standard Group Board of Directors in its outlook report.
The Group is relying on launch of its converged newsroom, the new look KTN News TV channel, other revamped products and its quality journalism supported by a digital first approach, to meet the needs of audiences and clients across all its platforms.