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Standard Group Headed Back To Profit Territory as Loss Shrinks

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Standard Group has posted a net loss of Ksh61.2 million in the first half of 2021 compared to a net loss of Ksh306 million in the same period in 2020, giving strong hopes for returning to profitability at the end of the year.

The company reported an improvement in revenue to Ksh1.6 billion at the end of June this year, from Ksh1.4 billion at the end of June last year, supported by improved performance in the various sectors of the economy.

“The operating environment continues to improve, with key clients gradually increasing their advertising budgets, while recently launched products have continued to increase their contribution towards revenue growth,” Standard Group said in its financial report.

The second-largest media company in Kenya cut its total operating expenses by 8% to Ksh1.6 billion at the end of June 2021 from Kh1.7 billion in June 2020.

Standard Group total assets grew by 4% in the six months period to Ksh4.2 billion at the end of June 2021 from Ksh4.05 billion at the end of December 2020. The company’s total debt also went up to Ksh3.2 billion in June from Ksh2.9 billion in December, an 8% jump.

According to its financial report, the media company generated Ksh142 million net cash from operating activities and spent Ksh180 million in investing activities in the six months through June 2021. Standard group continued to invest in its digital platforms in the first half of this year and expects increased revenue from the investment in the remaining half of the year.

See Also >> How Maina Kageni Transformed From Bad Boy To Radio Darling

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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