Standard Group’s performance for the 6 months period ended 30 June 2021 showed improvement with a 14% revenue increase to close at Kes. 1.6 billion compared to Kes. 1.4 billion for the same period in 2020. The media house attributed the performance to the improved operating environment with key clients gradually increasing their advertising budgets, while recently launched products have continued to increase their revenue growth.
The Group’s result after tax significantly improved, closing at a loss after tax of Kes. 61 million during the half-year period against a loss after tax of Kes. 306 million for the same period last year, representing an 80% reduction in the loss for the period.
Total operating expenses in the group declined by 8% to Kes 1.60 billion during the six months period ended 30th June 2021. The decline was attributed to Stringent cost-cutting measures that the Group adopted in 2020, which have been sustained in 2021.
Total Assets in the group stood at Kes 4.24 billion during the six months period compared to Kes 4.05 billion recorded during the same period last year. The standard group attributed the performance to the economy’s recovery due to the gradual reopening of the economy.
“The country’s economy performed better in 2021 with improvements noted in various sectors, compared to 2020 which was the most affected by the effects of the COVID-19 pandemic. The World Bank projects a 4.5% growth in GDP in 2021, which is then expected to grow past the 5% mark in 2022. It is within this an environment that we saw some growth in the volume of business conducted, which had a positive impact on our business, albeit not at the pre-Covid-19 levels.” Standard Group in their financial results.
Standard Group Outlook and Dividend
Standard Group said revenue generation and recovery remain a priority for the Board and management as they continue to invest in the growth of digital platforms and other new products while strengthening their legacy products on print and broadcast platforms. Following the launch of the converged newsroom and the revamped Standard newspaper and website in the first half of the year, the group said it is confident there will be improvements in quality journalism supported by a digital-first approach that will cater to the needs of our customers across all platforms.
The board of directors did not recommend payment of an interim dividend.