WPP Scangroup, a full-service creative transformation company, reported a profit of KES 130 million after tax for the year ended December 31, 2023.
The profitability marks a turnaround after seven years of declining growth.
The company’s revenue reached KES 2.2 billion in FY 2023, a 1% gross net growth. Its operating profit was KES 269 million, excluding restructuring costs for the year.
Earnings per share (EPS) for its shareholder value grew by 191%.
“We changed the tide…registering a 1% gross net revenue growth…In an emailed statement, we delivered increased value to our shareholders…” said Miriam Kaggwa, CFO.
Scangroup reported a net profit of KES 75.2 million in 2022, up from a loss of KES 37.9 million in 2021.
WPP Scangroup is transforming its business model for agility and long-term success in a technology-driven creative landscape.
As a result, it is building a robust technology infrastructure to support innovation and growth across its agencies.
In addition, it plans to invest in talent development and leverage the gig economy for greater flexibility.
Patricia Ithau, CEO, “We are transforming the business to make it future-fit. We have built a strong technology stack. The next stage is focused on continuing to invest in technology and talent.”
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