Nation Media Group (NMG), the largest media outfit in Kenya, saw its net earnings worsen to KSh 308.6m at the close of financial year ended 31st December 2025. This as traditional media businesses bear the brunt of a rapidly changing digital landscape, which has seen audience consumption patterns and behaviour shift to digital platforms.
Nation Media Group saw its turnover drop to KSh 6.04Bn from KSh 6.23 Bn in 2024, a decline of 3.1% while Gross Profit fell 2.9% to KSh 4.13 Bn from KSh 4.26 Bn in 2024. Pre-tax profit dropped 26.5% to KSh 320.8Bn in 2025 from KSh 253.6m in 2024.
Nation Media Balance Sheet size fell 4.4% to KSh 7.18Bn in 2025 from KSh 7.51Bn in 2024 with working capital declining 7.4% to KSh 3.06Bn from KSh 3.31Bn in 2024.
Turnover plunged on reduced print revenues, with net loss widening despite digital revenue growing 5% and broadcasting revenue rising 5%
Nation Media Digital footprint expanded to 64.7Mn users from 62.5Mn, driven by improved monetisation of digital assets.
Operating cash outflow narrowed 8.5% to KSh 464.4m with the Board withholding final dividend payments citing prevailing economic environment and investment plans.
Nation Media Group
Nation Media Group, which publishes the Daily Nation, Sunday Nation, The EastAfrican, Daily Monitor(Uganda), Mwananchi and The Citizen in Tanzania, has meanwhile ended is 66-year old partnership with AFFED, which will exit its long standing investment in East Africa’s largest media outlet.
AKFED’s association with Nation Media Group began in 1959 when the Aga Khan IV established East African Newspapers and acquired the Swahili newspaper, Taifa Leo.
Under the new ownership, Taarifa Limited has indicated that it will support Nation Media’s digital transformation and long term growth, while maintaining the Group’s editorial independence and tradition of public-interest journalism.
This transaction marks one of the most significant ownership changes in East Africa’s media landscape in decades.
A new controlling shareholder at Nation could potentially accelerate digital monetarisation strategies, platform expansion and operational restructuring as the global media industry rapidly shifts toward digital consumption.
Investors are now watching out for possible restructuring or capital injection; digital platform expansion and subscription models; or changes in corporate governance and management strategy, under the new ownership at Nation Media.
NMG was founded on the conviction that a free, independent press is indispensable to a democratic society.
What began as a modest Swahili-language newspaper called Taifa Leo-purchased to create a genuinely independent press and give voice to the African majority during the British colonial era-has since grown over more than six decades into a multi-million media conglomerate of over 30 brands, spanning 4 countries, reaching 62 million digital users and employing more than 1,000 professionals across the East Africa region.
The first issue of the Daily Nation was published on March 20th 1960.When Kenya got its independence from British rule in December 1963, Nation Media was already established as a credible and trusted source of news and analysis. Nation Media was among the first media firms in Africa to list on a securities exchange, with shares trading at the NSE since 1973.
AKFED built one of the region’s most influential media brands, which has since served as a cornerstone of society, providing a platform for voices that might have otherwise gone unheard.
“AKFED is proud of its contribution in building one of Africa’s most respected media institutions, “said AKFED Director Sultan Allana. “We are confident that Nation Media Group will continue to uphold values of independent journalism and service to the public that have defined it for over six decades.
Taarifa Limited is owned by Rostam Azizi, a Tanzanian businessman with vast interests in mining, telecommunications, agriculture, real estate, port facilities, energy, construction and media.
With significant experience in East African media landscape, Azizi was co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he initiated the establishment of Mwananchi, The Citizen and Mwanaspoti newspapers, which were subsequently acquired by Nation Media Group.
“We are honoured and deeply committed to becoming a majority shareholder of Nation Media Group, which is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organization,” said Azizi.
The acquisition of NMG shares from AKFED is expected to be complete within the new few months, subject to satisfaction of all regulatory conditions.
Taarifa Limited has confirmed that it does not currently contemplate a mandatory or voluntary offer for the remaining NMG shares or delisting from any securities exchange, in Kenya as well as cross-listed bourses in Dar es Salaam, Uganda Securities Exchange and Rwanda Stock Exchange.
ALSO READ: At Nation Media Group, a Quiet Shift in Shareholding Sets the Stage for a Shake-Up
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