The Nation Media Group said its operating profit turnover fell slightly from Ksh 3.72 billion to Ksh 3.695 billion for the half-year period ended June 30, 2022.
In addition, its profit after income tax fell to Ksh 247.8 million from Ksh 285.2 million.
“Group profitability was adversely impacted by the drastic rise in global newsprint prices (which increased by over 100% compared to prior year) and the depreciation of the Kenya Shilling against the US Dollar, aggravating the cost of imported raw materials,” the Board gave reason for the decline.
The Nation Media Group is the largest independent media house in East and Central Africa, with print, broadcast, and digital media operations that attract and serve unparalleled audiences in Kenya, Uganda, Tanzania, and Rwanda.
It disclosed that the steady turnover was mainly attributable to growth in the broadcast business, increased revenue from digital products and services, and the growth of its niche print products—Business Daily, The EastAfrican, and Taifa Leo.
The group’s digital footprint grew to 52.2 million users, compared to 44.9 million users during the same period last year.
The Board of Directors did not recommend paying an interim dividend, “considering the prevailing economic environment and the Group’s investment plans,” it said.