By Steven Candia
VISION Group defied economic shocks last financial year to post impressive returns with a profit of over sh3b, fueling optimism of a better performance in future.
Speaking at the 11th annual general meeting, the board chairman David Ssebabi said the company's turnover had grown by 15 percent and profit before tax had risen by 17 percent while earnings per share rose by 28 percent. He said the company had increased its investments for sustainable growth so as to ensure long term success.
“We look forward to a better performance in the next financial year and to growing our market share,” he told shareholders Thursday at the meeting held at the groups head offices located on first street Industrial area.
The company registered a profit of sh3.8b according to a report of directors, audited by Auditor General and presented at the meeting. He noted that the improved performance of company was not only due to increased sales but also because of the achievement of international standard of efficiency coupled with disciplined financial practices.
Despite the economic turbulence, Vision Group Chief Executive Officer (CEO) described last year as a “year of real progress” in terms of delivering on the company's strategy and then reiterated prospects of better performance.
“Despite the challenging economic time in the 2011/2012 the company demonstrated remarkable resilience and better performance is expected in the next financial year,” Kabushenga said.
In the meeting in which Captain Gad Gasaatura was reelected a director of the company, the shareholders adopted the report of the directors and the audited accounts for the year ended June 30, 2012. They also resolved that a final dividend of sh35 per ordinary share be paid to shareholders, up from sh30.
The company registered significant improvement in performance, as the overall turnover grew from sh61.8b to sh71b, representing a 15 percent rise while profit before tax rose by 17 percent from sh4.7b to sh5.5b, Ssebabi noted.
Kabushenga noted that the company achieved impressive revenue growth in the advertising, circulation and printing as overall group sales grew by 16 percent, circulation by 22 percent and advertising revenue by 16 percent.
“The company managed to maintain over 60 percent market share in both advertising and copy sales for all newspapers also closing in on the dominant market share for radios, TVs and digital,” Kabushenga who is also the managing director said.
The Vision Group, incorporated as the New Vision Printing and Publishing Company Limited (NVPPCL), started business in 1986 and has gone multimedia, publishing eight newspapers, among them The New Vision; boasts of six radio stations; three television stations and two magazines.