The Nation Media Group (NMG) has announced the unaudited Group financial results for the six months to 30 June 2024.
In a notice on Monday, August 5, NMG Board of Directors said the period was characterized by a depressed macro-economic environment and weakened consumer spending.
Company Secretary Angela Namwakira said the Group turnover declined by 10% from Ksh3.530 billion to Ksh3.175 billion while the loss before income tax increased from Ksh10.8 million in June 2023 to Ksh345.8 million in June 2024.
“The incurred loss before tax of Ksh345.8 million includes a one-off expense of Kshs 119.0 million related to staff restructuring undertaken in June 2024.
Sustained focus on improving productivity and operational efficiency has kept a lid on the growth of overhead costs,” the notice read in parts.
The loss after income tax increased from Ksh2.9 million to Ksh260.2 million in June 2023 while comprehensive loss increased from Ksh190.5 million to Ksh572 million over the same period.
Growth in Digital Revenue
Whereas the print business sector continued to experience declining revenues, NMG’s digital revenue grew by 14% compared to the comparable period last year.
The Directors explained that this is as a result of as monetization of the Company’s digital assets and audiences which gained pace.
“Our digital footprint increased to 63.5 million users compared to 59.5 million in the same period last year, following sustained focus on audience acquisition and engagement.
Our digital growth initiatives continue to gather pace with the latest highlight being the launch of a content subscription paywall on the redesigned Business Daily website, whose performance so far has been very positive,” NMG said.
Additionally, the Directors pledged to maintain confidence in the investments, transform the organization, develop a portfolio of new digital products, and enhance revenue diversification by monetizing NMG’s extensive digital presence.
“The Group will also continue to maintain a strong presence in commercially viable print and broadcast media, focusing on unique and relevant content. Together, these efforts are expected to solidify the Group’s position as a leading multi-media company, delivering impactful content to our audiences,” the Board said.
“Considering the prevailing economic environment and the Group’s investment plans, the Board of Directors does not recommend payment of an interim dividend.”
Also Read: Nation Media Group Appoints Ex-RMS Manager, Announces More Changes
Nation Media Group Executive Management Appointments
Besides, NMG interim CEO Richard Tobiko announced three new executive appointments.
This includes the appointment of Russel Akuom as Chief Information Officer (CIO) effective August 1, 2024.
Akuom will provide digital transformation leadership to accelerate the pace of execution of NMG’s digital initiatives.
This is aimed at attainment of the Groups digital north star. Alongside transitioning the company into a digital platform, driving innovation and institutionalizing a culture of digital excellence across the organization.
NMG appointed Simaloi Dajom as the Head of Broadcasting effective August 12, 2024.
Dajom will be responsible for the overall business performance of Nation Broadcasting Division (Kenya) and will lead the development and execution of the broadcast strategy to drive the growth of the Group’s television and radio stations ratings and market shares in Kenya.
Also Read: Nation Media Group to Undergo Board Changes as CEO Stephen Gitagama Retires
Change of Scope of the COO
The CEO also announced change of Scope for Chief Operating Officer (COO), Monicah Waceke Ndung’u.
“In addition to her current responsibility for monitoring and tracking NMG strategy execution to ensure the delivery of the next phase of our transformation journey, as we seek to transform into Africa’s most trusted and innovative content platform, the COO’s role will be expanded effective August 1 to include responsibilities for the Group’s External Affairs and Partnerships,” Tobiko said.
Among her new roles include providing executive leadership for the Group’s External Affairs function; seeking, developing, and growing Strategic Partnerships with corporate and other institutions; and providing oversight to the Nation Media Foundation (NMF).
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