Kenya: Nation Media Profit Up 32.7 Percent

Investment

Nation Media Group said an upturn in the economic environment helped it post a 32.7 percent jump in pretax profit on Wednesday, which it is cautiously optimistic of sustaining.

The group said pretax profit soared to Sh2.1 billion from Sh1.6 billion in 2009 as turnover increased by 17.2 percent to Sh9.6 billion."The outlook for 2011 is positive supported by various initiatives taken by management and the improved economic environment," the firm said in a statement."The board is cautiously optimistic that the good performance in 2010 will be sustained."

Nation, which also operates television and radio stations in the region, said it made market share gains during the period and experienced a turnaround of its new businesses that had been underperforming.

The company's total dividend per share for the year surged 320 percent to Sh8 shillings per share after it increased its final 160 percent to Sh4.00 and gave an additional Sh2.50 special dividend for each share held.