NMG approves a dividend of Sh8 per share

Nation Media group Chairman Wilfred Kiboro (Right) and Chief Executive Officer Linus Gitahi (left) during the 49th Annual General Meeting at Kenyatta International Conference Center (KICC) in Nairobi on April 27 2012. PHOTO / BILLY MUTAI

What you need to know:

  • Simon Kagugube and Adam Salkeld become new members of the company’s board

Nation Media Group shareholders on Friday approved a dividend payout of Sh8 per share for year ending December 31, 2011.

The shareholders, who attended the group’s Annual General Meeting at the Kenyatta International Conference Centre, will receive a final dividend of Sh6.50 adding to the Sh1.50 interim dividend per share already paid. Shareholders got Sh5.50 dividend per share in 2010.

The shareholders also approved the appointment of Dr Simon Kagugube who heads the company’s subsidiary in Uganda and Mr Adam Salkeld to the board of directors following the retirement of Dr Martin Aliker and Mr James Lee who have served the company for over 10 years.

Volatile environment

Speaking at the AGM, the company’s chairman Wilfred Kiboro noted that the company had a strong financial position last year despite a volatile business environment characterised by high interest rates and run-away inflation.

He added that the Group, which recently opened a radio station in Rwanda known as KFM, plans to open a bureau in the newly independent Republic of South Sudan to tap into opportunities in the country seen to have a high potential for growth due to its vast oil reserves.

The Group Chief Executive Officer Linus Gitahi said the media house has already started realigning its operations to be in sync with the devolved system of government earmarked by its recently concluded County Edition programme on NTV.

NMG increased its sales to over Sh11.2 billion last year with its subsidiaries in Uganda and Tanzania reported to have contributed to the profitability.