Nation Media Group (NMG) has issued a profit warning expecting a more than 25 percent decline in full-year profits for the year ending December 2023 due to a tough business environment. In a notice on Wednesday, NMG warned its shareholders, investors, and the general public that it would record depressed earnings, marking the second such warning in a decade. According to NMG, tough economic times in the country are to blame for the expected drop in profits. Last year, NMG recorded a profit of Kshs 318.5 million after tax down from Kshs 493.1 million in 2021. In the half year to June, the company recorded Kshs 2.9 million profits after tax.

Source: Daily Nation October 26, 2023 13:48 UTC