Listed marketing and communication conglomerate WPP Scangroup Plc has reported a KSh507.6 million net loss for the financial year ended 31st December 2024, reversing a KSh133.3 million profit in 2023.
- •The downturn was driven by a significant foreign exchange loss of KSh248.8 million and the absence of prior-year one-off capital gains tied to the Kantar transaction.
- •The firm also restated its top-line numbers under IFRS 15, reclassifying its role in media buying contracts from principal to agent, resulting in a 24% decline in reported revenue to KSh2.44 billion.
- •The drop was further compounded by the divestiture of low-performing subsidiaries and client attrition.
The shift to a full-year loss reflects the impact of macroeconomic headwinds and currency volatility. The foreign exchange swing from a KSh288 million gain in 2023 to a KSh249 million loss in 2024 was primarily driven by the strengthening of the Kenyan shilling against the US dollar, reversing the trend seen in the previous year.
| Metric | 2024 | 2023 (Restated) | Change % |
|---|---|---|---|
| Revenue | 2,441,906 | 3,197,587 | -23.6% |
| Gross Profit | 2,007,330 | 2,225,460 | -9.8% |
| Operating & Admin Expenses | (2,458,157) | (2,687,924) | -8.6% |
| FX (Loss)/Gain | (248,788) | 288,436 | -186.3% |
| Profit Before Tax | (426,680) | 377,960 | -212.9% |
| Net Profit/(Loss) After Tax | (506,739) | 130,138 | -489.3% |
| Basic & Diluted EPS (KSh) | (1.17) | 0.31 | -477.4% |
| Cash & Equivalents (Year-end) | 2,143,139 | 1,164,963 | +83.9% |
Outlook for 2025: Digital Momentum, Cost Caution
WPP Scangroup plans to stabilize its core business while leveraging digital growth through its Ogilvy and GroupM brands. However, the Group warned that mounting global economic pressures could constrain discretionary spending, particularly in key African markets.
Leadership changes announced effective 1st January 2025 include the appointment of Miriam Kaggwa as Chief Operating Officer and Sanjeev Panwar as Chief Finance Officer.
No dividend was declared for 2024, consistent with the previous year.
