Issuing the NMG Profit warning on 26th October 2023, the board listed a number of reasons for the expected drop in earnings by at least 25%, including higher taxes and the free fall in the value of the Kenya shilling.
Standard Group CEO, at a meeting held on Wednesday, revealed that new operational structures are being worked on across the organisation to increase efficiency and weed out non-performers.
Board attributed the decline in NMG profit 2023 to the rise in the cost of imported raw materials, especially newsprint which is it the main input in newspaper production, and the depreciation of the Kenya shilling against the US dollar.
Nation Media Group (NMG) has over the past two weeks been silently laying off employees, including journalists, as it consolidates its operations into a converged newsroom.
NMG is planning to further cut journalists from its payroll, barely six months after laying off a number of employees.
There was a scare at Nation Media Group (NMG) last week after a section of employees received wrong salary amounts in their accounts, while others missed out completely.
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The lack of a long-term vision and inadequate resourcing of mental hospital infrastructures continues to take a toll on Kenya’s mentally ill patients.
This strategic move is in line with indaHash vision to cement its presence in Africa, following its impactful footprint in South Africa since 2017 and successful collaborations with clients like the South African Tourism Board.
Running from December 4th to 25th, the SportPesa campaign promises daily excitement with six lucky winners expected to walk away with Ksh5,000 daily.
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Captain William Kipkemboi Ruto is officially known by the name William Ruto, which also happens to be President William Samoei Ruto’s official name.
With the establishment of individual Central Banks for the three East African countries, Kenya began printing and minting its own shilling currency notes under the mandate given to the Central Bank of Kenya in 19676.