The Standard Group has posted a net loss of Ksh. 61.2 million in he first half of 2021 compared to a net loss of Ksh. 306 million posted during a similar period last year.
The company also recorded Ksh. 1.6 billion in revenue at the end of June this year. This is a 14% improvement compared to Ksh. 1.4 billion recorded in a similar period last year. This growth has been attributed to an improved performance in various sectors of the economy.
The media company further cut its total operating expenses by 8% to Ksh. 1.6 billion at the end of June 2021, down from from Ksh. 1.7 billion in June 2020.
Similarly, the Group’s total assets grew by 4% in the last six months to reach Ksh. 4.2 billion at the end of June 2021 from Ksh. 4.05 billion at the end of December 2020. The company’s total debt also went up to Ksh. 3.2 billion in June from Ksh. 2.9 billion in December, an 8% increase.
“The operating environment continues to improve, with key clients gradually increasing their advertising budgets, while recently launched products have continued to increase their contribution towards revenue growth,” Standard Group stated in its financial report.
According to its financial report, the media company generated Ksh. 142 million net cash from operating activities and spent Ksh. 180 million in investing activities in the six months through June 2021. The company continued to invest in its digital platforms in the first half of this year and expects increased revenue from the investment in the remaining half of the year.