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| NMG buildings(Nation centre) |
Nation Media Group (NMG) deeps in another tough economy challenge as profits decline tremendously. NMG on Monday, April 20, released its financial report for 2019, showing a fall in net earnings to Ksh856 Million.
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This denotes a drop of at least Ksh244 million in net earnings compared to the 2018 financial year in which the giant media house recorded Ksh1.17 billion in profit after tax.
Nation Media Group CEO Stephen Gitagama stated that the company had more challenges than competitors. The restructuring of the company saved it or else the company was sinking in more troubles.
“The Group’s performance was adversely affected by a challenging economic environment which together with industry-specific developments in a leading advertising sector precipitated reductions in advertising spend in general,” the report reads in part.
“The Group is making extensive investments in innovation to grow new revenue streams and gradually transition to digital media becoming a significant contributor of its revenue as the scope for growth in the legacy media business declines globally,
Considering the above, the Directors do not recommend payment of a final dividend for the year,” reads the report in part.
