Nation Media Group Declares Ksh 1.6 Dividend for FY21

Nation Media Group (NMG) on Wednesday said it has bought back over 17.1 Million of its ordinary shares as part of the 10% buyback of its 18,854,229 ordinary share buyback offer.

The Nation Media Group has resumed dividend payments with a proposal to pay Ksh1.50 (0.013) per share.  This is after the group recorded a net profit of Ksh493.1 million in the year ended December 2021.

“2021 was a very challenging year. We were still experiencing the impact of Covid-19 but our focus was on recovery while still pursuing transformation agenda,” NMG chief executive Stephen Gitagama said.

The Group’s current share price is Ksh 22.00. NMG closed its last trading day (Tuesday, April 19, 2022) at Ksh 20.90 per share on the Nairobi Securities Exchange (NSE), recording a 2.8 percent drop from its previous closing price of Ksh 21.50. 

Nation Media began the year with a share price of Ksh 18.45 and has since gained 13.3 percent on that price valuation, ranking it fifth on the NSE in terms of year-to-date performance.

“Going forward bulk of the revenues will come through going digital. The legacy media like print will still remain for a few years but distribution will be mainly digital. We hope to reduce reliance on print gradually to not more than 25 percent,” NMG chairman Wilfred Kiboro said.

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