The Standard Media Group has announced a Ksh434 million loss before tax for the year ended December 31, 2020, an improvement from Ksh684 million pre-tax loss recorded in 2019.
The media house, which is owned by the Moi family, recorded a revenue slump of 29 percent to Ksh2.9 billion, from Ksh4.1 billion the previous year.
“The Group’s performance was against a difficult environment for the media industry. The industry experienced a decline in amounts spent by most of the clients as they put in place cost-cutting measures as a response to the pandemic,” noted Company Secretary Millicent Ng’etich.
Operating costs reduced by 31 percent from Ksh4.6 billion in 2019 to Ksh3.2 billion last year.
“The Group consequently put in place stringent cost-cutting measures leading to a total operating costs reduction of 31% driven by a drop in direct costs and overheads of 44% and 25% respectively,” the firm noted while announcing the full year results.
Standard’s biggest rival, the Nation Media Group (NMG), recorded a 94 percent dip in profits to Ksh48 million in 2020 from Ksh865 million in 2019.
The revenues for NMG shrunk to Ksh6.81 billion from Ksh9.05 billion in 2019.