On 31st December 2021, Standard Group announced a loss before tax of Ksh22 million, a 95% improvement from the Ksh434.4m loss in 2020. However, the net loss increased to Ksh73.1 million due to an income tax expense of Ksh51 million.
The company's revenue grew by 8% to Ksh3.1 billion in 2021, while total operating costs reduced by 5% from the previous year. Financing costs, however, devoured a significant portion of the revenues, amounting to Ksh162 million.
Standard Group has been struggling with cash-flow difficulties, which became complicated when it was unable to pay staff salaries on time. The company has been paying staff in batches as revenues trickle in.
Despite these challenges, the company remains optimistic about its outlook for 2022, citing revenue growth from new business initiatives and a focus on partnerships. The company aims to enhance operational efficiency, diversify its product portfolio, and innovate ways to improve the business.
With the launch of the converged newsroom and revamped products, Standard Group management is confident it will meet the needs of its audiences and clients across all platforms.
