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Listed regional media company Nation Media Group (NMG) has reported a reduced interim loss for the six months to June 30, 2025, supported by significant cost cuts and growth in its digital business, even as turnover fell.
- •The group posted an operating loss before tax of KSh 48.7 million, an 85.9% improvement from the KSh 345.8 million loss a year earlier, and net loss after tax narrowed to KSh 41.7 million from KSh 260.2 million.
- •Turnover slipped 5.7% to KSh 2.993 billion, reflecting continued pressure on the traditional print segment, but digital revenue rose 7.0% year-on-year, supported by a user base of 63.8 million.
- •At the market open following the results release, NMG shares fell to the daily loss limit, dropping 9.85% to KSh 12.35.
Total assets stood at KSh 10.371 billion, slightly lower than the KSh 10.584 billion recorded a year earlier. Cash and cash equivalents declined to KSh 2.2688 billion from KSh 2.626 billion.
| Metric | June 30 2025 | June 30 2024 | YoY % |
|---|---|---|---|
| Turnover | 2.993Bn | 3.175Bn | -5.73% |
| Cost of sales | 972.8Mn | 1.072Bn | -9.25% |
| Gross profit | 2.020Bn | 2.104Bn | -3.99% |
| (Loss) before income tax | -48.7Mn | -345.8Mn | Improved |
| (Loss) after income tax | -41.7Mn | -260.2Mn | Improved |
| Earnings per share | -0.30 | -1.50 | Improved |
| Total assets | 10.371Bn | 10.584Bn | -2.01% |
| Total equity | 7.254Bn | 7.302Bn | -0.66% |
| Cash and cash equivalents | 2.2688Bn | 2.626Bn | -13.60% |
| Net cash from operating activities | -144.1Mn | -126.1Mn | Worsened |
| Net cash from investing activities | 255.9Mn | 779.1Mn | -67.15% |
| Net cash used in financing activities | -59.8Mn | -160.0Mn | Improved |
Earnings per share improved to negative KSh 0.30 from negative KSh 1.50 in H1 2024. Cost of sales fell 9.2% to KSh 972.8 million, while operating expenses dropped 15.5%, driven by efficiency measures and increased digitization.
Market Reaction
The decline came despite the improved profitability metrics, with investors reacting to the continued top-line pressure and weaker cash position.
The group has highlighted gains in broadcasting audience share, ongoing investment in unified technology, and diversification of audience demographics as key pillars for long-term growth. The group aims to sustain digital momentum while maintaining a commercially viable print presence and expanding experiential and thought-leadership events.