Don Wanyama, the Managing Director/Chief Executive Officer at New Vision Printing and Publishing Company Limited
New Vision Printing and Publishing Company Limited has announced a loss in profit for the financial year ending June 30, 2024.
In a profit warning announcement to shareholders, potential investors, and the general public, Don Wanyama, the Managing Director/Chief Executive Officer at New Vision Printing and Publishing Company Limited aka Vision Group, said that based on the preliminary assessment of the company’s performance, “the results of the company’s earnings for the financial year ending June 30, 2024 will be a loss position.”
The main contributor to “this performance is the challenging business environment due to declining traditional media newspaper sales and advertising revenue spend across the different platforms, coupled with the increase in prices of raw material inputs and other operational costs.”
It should be noted that the government-controlled media group reported a sharp drop in earnings for the year ended June 2023. Its revenue for the period was Shs87.6bn, down 21.3 per cent from 2022. This was largely due to a drop in publishing revenue to Shs7.5bn from Shs26.9bn a year earlier.
Advertising revenue dropped 5.4 per cent to Shs51.2bn in June 2023, while newspaper circulation sales fell 12.5 per cent to Shs11.9bn, the fifth consecutive year the income stream has receded.
Wanyama says the board and management are committed to ensuring improved financial performance for the company.
