Nation Media Group (NMG) financial woes continued to persist after it posted a second successive loss after tax of Sh254.4 million in FY 2024 from Sh205.7 million in FY 2023.

In its results for the financial year ended December 31, 2024, NMG gross profit shrunk by 9.08 per cent to Sh4.3 billion as the company struggled to overcome tough economic tides.

During the period in review, the listed media house’s turnover reduced by 12.5 per cent to Sh6.2 billion as the company’s total assets also reduced by 8.6 per cent to Sh7.5 billion.

However, NMG’s digital business expanded by 11 per cent year-on-year despite the top line pressure as its digital audience went up by 2.2 million to close the year at 62.4 million users.

The media Group’s profits had been declining progressively before converting into losses in 2023 and 2024 from a peak performance of more than Sh2.5 billion profits it posted in 2013.

Read More

  1. Equity Group net profit grows 12 per cent to Sh48.8 billion, dividend up to Sh4.25
  2. KQ records Sh5.5 billion profit before tax after over 11 years of record losses but...
  3. Former NSE CEO Geoffrey Odundo appointed as new NMG Chief Executive

Its operating costs went down by 17.2 per cent as the cost of sales shrunk by 18.9 per cent, even as NMG incurred a one-time restructuring charge of Sh157.8 million in June 2024.

This is the first time NMG has posted successive annual losses in more than 10 years, attributable to macroeconomic headwinds added to changing media consumption trends.

The cash and short-term investments the listed firm had in its possession also shrunk to Sh2.38 billion as at December 31, 2024, compared to the Sh2.91 billion it possessed in 2023.

Based on the dismal financial performance by NMG in 2024 and the investment plans the company is making for 2025, the board of directors has not recommended any dividends.