Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The firm has posted Sh198 million net profit in its full year 2016 from a Sh289 million loss it made in 2015 owing to the digital migration hit/FILE

Kenya

Standard Group weathers the ‘digital migration’ storm with new profits

The firm has posted Sh198 million net profit in its full year 2016 from a Sh289 million loss it made in 2015 owing to the digital migration hit/FILE

NAIROBI, Kenya, Mar 6 – Standard Group has come back to profitability following losses it made in 2015.

The firm has posted Sh198 million net profit in its full year 2016 from a Sh289 million loss it made in 2015 owing to the digital migration hit.

Turnover increased by seven percent compared to 2015 to close at Sh4.8 billion driven by increased revenue from TV and Radio segments.

“TV revenue increase is largely attributable to stable revenues over the year as the business stabilized. Radio revenue also increased due to strong leadership positions and wider presence. Revenue from print business remained relatively stable for the year under review against 2015,” the firm explains.

Direct costs hit Sh1.3 billion with overhead costs declining by 12 percent in the period under review.

The group will now focus on its strategic plan that is keen on growing broadcast and digital platform segments.

The company did not declare a dividend for the year in a bid to allow further investments in the broadcast business.

“The board is confident that the group is well equipped to withstand the existing industry challenges and attain sustainable growth and therefore continue to post good results,” the firm said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...