NMG Profit Warning: Nation Media Group (NMG), Kenya’s largest media house, has put investors and the market on the alert over a possible significant drop in profitability for the year ended 31st December 2023. Like most sectors of the economy, media business, particularly in Kenya, has been adversely impacted by strong economic disruption. Profit drops have become familiar ground for NMG, seen as the barometer of the media industry in the East African region. NMG net profit for 2022 dropped to Ksh315.2 million from Ksh491.8 million in 2021. The board says it optimistic that the investments that Nation Media Group has made to accelerate product innovation, diversify revenue streams and transform the organisation into an agile, customer-centric and data-driven media company will deliver long-term shareholder value.

Source: Daily Nation October 27, 2023 15:03 UTC