The Nation Media Group (NMG) has announced that it will be making adjustments to the prices of both the Business Daily newspaper and ePaper effective May 20th, 2024.
In a public notice, the media house explained that the move was informed by the changing dynamics in the market that had affected its publication process.
Further, NMG management explained that the review of the prices will help it maintain the excellence of the Business Daily publication.
“As we grow, market dynamics keep changing, affecting our production processes. It is for this reason that effective May 20th, 2024, there will be a price adjustment for both the Business Daily newspaper and ePaper.
“We believe that this adjustment is essential in maintaining the excellence of our publication. The Business Daily is committed to delivering quality content and invaluable insights in line with its mandate as the go-to source for insightful business news and analysis,” stated NMG.
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The media house asked Business Daily newspaper readers to continue supporting the enterprise by purchasing the publication, reading and maintaining their subscription to the ePaper.
“We would like to express our gratitude to each and every one of you for taking time to read and engage with our content on The Business Daily. It is your support that fuels our commitment to journalistic integrity, accuracy, and accountability.
“We believe that this adjustment is essential in maintaining the excellence of our publication. The Business Daily is committed to delivering quality content and invaluable insights in line with its mandate as the go-to source for insightful business news and analysis,” added the notice.
The notice came shortly after the NMG board, in a financial report noted that it made a Ksh431.8 million loss before tax, in the financial year that ended in December 2023.
According to the report, the loss was attributed to the challenging macro-economic environment characterized by weakened consumer spending amid rising prices of basic commodities.
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Furthermore, Nation Media Group cited increased fuel prices and escalating interest rates as contributing factors to the substantial loss.
Additionally, the depreciation of the Kenyan shilling against the US dollar was highlighted as another reason for the multimillion loss, resulting in a 27 percent surge (equivalent to Ksh298.7 million) in the cost of sales.
Also, the devaluation of the shilling led to a 2.5 percent decline in turnover compared to the previous financial year.
The Group also noted that it will continue to maintain a strong presence in commercially viable print and broadcast media, focusing on unique and relevant content.
“The Group’s performance during the period was adversely impacted by a challenging macro-economic environment characterized by weakened consumer spending rising prices of basic commodities, higher fuel prices and rising interest rates,
“We maintain our confidence in the investments we continue to make to transform the organization, develop a portfolio of new digital products, and enhance revenue diversification by monetizing our extensive digital presence,” the statement read in part.
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