The Nation Media Group has announced a full year net loss of Sh254.4 million. The loss for the full year ended December 2024 was the second consecutive full year net loss by the company.

In the previous full year 2023, the media house had recorded a full year loss of Sh205.7 million. During the current year under review, turnover came in at Sh6.229 billion, which was 12.5 percent lower than last year.

“The decline was occasioned by a challenging macroeconomic environment marked by weakened consumer spending and rising prices of basic commodities,” the company reported.

“Despite the decline in total revenue, the Group recorded a growth of 11 percent in its digital business attributable to improved monetization of our digital assets which gained from an increase in users to 62.4 million users, up from 60.2 million in the same period last year.”

Cost of sales in the year under review reduced by 18.9 percent. The company attributed this decline to the decline in turnover. The business however recorded a reduction of 17.2 percent in operating costs.

“The operating costs for the year include a one-off expense of Sh157.8 million related to staff restructuring undertaken in June 2024,” the company stated.

The company’s profitability has been on a steady decline since the 2012-2013 season when its net profits peaked at Sh2.5 billion. In the 2020 full year, the company had recorded what seemed like its lowest profit of Sh47.9 million before rebounding to a net profit of Sh493.1 million in the full year 2021.

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In the full year 2022, the company’s profits slimmed to Sh318.5 million before dipping into loss territory in the 2023 financial year in which a loss of Sh205 million was recorded.

The company’s revenue has also been on a steady decline after peaking at Sh13.4 billion in the full year 2013-2014. The 2024 total revenue at Sh6.2 billion came in lower than the Sh6.8 billion total revenue the company realized in the troubled 2020 financial year.

Over the past two financial years, the company has not paid out dividend to its shareholders. On the Nairobi Securities Exchange, the Nation counter is trading at an average of Sh13.40 per share. The counter has a 52-week high of Sh22 per share and a low of Sh11.55 per share.