WPP-ScanGroup Limited, the largest marketing and communication group in the sub-Saharan Africa region, has released its financial results for the year ending 31 December 2022.
The Nairobi Securities Exchange-listed company posted a profit after tax of KES 75 million, representing a 297% increase compared to the previous year’s loss after tax of KES 38 million.
Although the company’s full-year gross revenue decreased by 3.67% to KES 7.3 billion and gross profit fell by 6.7% to KES 2.2 billion, the company’s Chief Financial Officer, Miriam Kaggwa, stated that they were still able to provide increased value to their shareholders, with an EPS growth of 450%. Kaggwa also mentioned that market pressures had led to reduced client margins, but the company was able to navigate these challenges by leveraging its footprint and expertise to build its client portfolio, resulting in a net new business of KES 386 million in 2022.
The firm’s Chief Executive Officer Patricia Ithau mentioned that they continue to make strides in driving bottom line growth by transforming investing in technology.
WPP-ScanGroup operates in 25 countries in sub-Sahara Africa and has majority-owned offices in Kenya, Ghana, Nigeria, Rwanda, South Africa, Tanzania, Uganda, and Zambia.
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