Nation Media Group, Kenya’s largest media house, surprised the industry by announcing a net loss of KSh205.7 million for the full year 2023, from a profit of Ksh318.5 million in 2022. Profit before taxation was Ksh431 million in 2023 compared to Ksh491 in 2022, confirming the media house is facing hard times. Consequent to the above factors, the Group posted a loss before tax of Ksh431.8mn for the year,” Angela Namwakira Nation Media Group Secretary, said. The Group registered revenue growth in its niche products (Business Daily, The East African and Taifa Leo), resulting from insightful content and partnerships. The Group will also continue to maintain a strong presence in commercially viable print and broadcast media, focusing on unique and relevant content.”As a result of poor performance, Nation Media Group has announced massive layoff this year to stay afloat in the fledgling media industry.

Source: Daily Nation June 11, 2024 14:31 UTC