Standard Group Headed Back To Profit Territory as Loss Shrinks

Standard Group has posted a net loss of Ksh61.2 million in the first half of 2021 compared to a net loss of Ksh306 million in the same period in 2020, giving strong hopes for returning to profitability at the end of the year.

The company reported an improvement in revenue to Ksh1.6 billion at the end of June this year, from Ksh1.4 billion at the end of June last year, supported by improved performance in the various sectors of the economy.

“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 said in its financial report.

The second-largest media company in Kenya cut its total operating expenses by 8% to Ksh1.6 billion at the end of June 2021 from Kh1.7 billion in June 2020.