Nation Media Group reported a net loss of KES 357.2 million for the six months to 30 June 2026, up from KES 41.7 million in the same period last year. Total comprehensive loss for the period was KES 401.7 million, compared with KES 47.4 million in H1 2025.
The publisher of the Daily Nation, Business Daily and The EastAfrican said group turnover fell 4.8 percent to KES 2.85 billion from KES 2.99 billion. Management attributed the decline to lower print revenues.
Revenue and Profit
Broadcasting revenue rose 3.0 percent and subscription revenue rose 4.0 percent year on year. Gross profit fell 4.5 percent to KES 1.93 billion. Gross margin rose to 67.7 percent from 67.5 percent.
Loss before tax was KES 440.8 million, compared with KES 48.7 million in H1 2025. The company said the increase came from higher provisions for uncollectible debts, tied to delayed payments from government entities and higher fuel costs affecting distribution. Interest income fell as interest rates declined during the period.
Earnings per share was negative KES 2.00, compared with negative KES 0.30 in H1 2025.
| Metric (KES) | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Turnover | 2.85B | 2.99B | -4.8% |
| Gross profit | 1.93B | 2.02B | -4.5% |
| Gross margin | 67.7% | 67.5% | +0.2pp |
| Loss before tax | -440.8M | -48.7M | Widened |
| Loss after tax | -357.2M | -41.7M | Widened |
| Total comprehensive loss | -401.7M | -47.4M | Widened |
| EPS (KES) | -2.00 | -0.30 | Widened |
Balance Sheet
Total assets fell 3.4 percent to KES 9.50 billion, from about KES 9.83 billion at the end of December 2025. Total equity fell 5.7 percent to KES 6.64 billion. Net working capital fell 9.4 percent to KES 2.77 billion, as current liabilities grew faster than current assets.
Cash and short term investments fell 5.1 percent to KES 1.89 billion. Cash and cash equivalents rose by KES 79.9 million during the half, aided by financing activities. Net cash used in operations was KES 59.1 million, down from KES 144.1 million in H1 2025 and from KES 465.0 million for the full year ended December 2025.
Retained earnings fell to KES 6.55 billion from KES 6.90 billion at the start of the year. The group also recorded a currency translation loss of KES 25.5 million on its subsidiaries in Uganda, Tanzania and Rwanda.
Share Price on the NSE
NMG shares opened 2026 at KES 11.55 on the Nairobi Securities Exchange. By 15 May, the stock had risen to KES 13.15, up about 14 percent for the year to that point. Trading data since then shows the stock moving between roughly KES 12.75 and KES 15.00, depending on the source and date. NMG trades in low volumes on most sessions, which can produce larger price swings than on more actively traded NSE counters.
Dividend
The board will not pay an interim dividend for 2026. It cited the operating environment and the group’s financial performance for the period.
Outlook
Company secretary Angela Namwakira said the group operated in a difficult macroeconomic environment in the first half, citing weaker consumer spending and inflation pressure across its markets.
The company said it recently consolidated its digital products into a single platform, NationApp. It said it plans to continue investing in broadcasting, business to business partnerships, events, and technology aimed at improving customer experience and adding revenue streams.
