On Tuesday, Vision Group held its 20th Annual General Meeting (AGM) at the headquarters in Kampala.

The 20th AGM was also the second virtual meeting after the one of 2020. The status quo is due to the outbreak of the COVID-19 pandemic that has ravaged the world since last year.

L-R: Patrick Ayota, Board Chairperson Vision group, Don Wanyama, Vision group CEO, Gervase Ndyanabo, Company Secretary and Deputy CEO and Moses Mwase, Non Executive Director chat during the 20th Annual general meeting at the Vision group offices. (Photo by Miriam Namutebi)

As the majority of the shareholders attended virtually, the Board of Directors and executive committee members attended physically in one of the TV studios.

Patrick Ayota, the deputy managing director of NSSF and Vision Group's chairman of the board, said, "the company is holding its 20th AGM electronically in accordance with Article 45 (a) of the Articles of Association."

Ayota noted that the company was into the second year of implementing its five-year strategic plan.

The Head of Content Generation/ Editor in Chief at Vision Group Barbara Kaija. (Photo by Miriam Namutebi)

He added that the Strategy is to be “a trusted content hub of choice.” To this end, he added, "we are to generate and distribute content that is valuable to and advances society.” 

He said COVID-19 has impacted the performance of the company. "For the first time in history, the company registered a loss."

Patrick Ayota, the deputy managing director of NSSF and Vision Group's chairman of the board. (Photo by Miriam Namutebi)

However, on a positive note, he said the impairment in the finances of the company was now history as the secured tenders are already enhancing the performance of the Company in the new financial year 2021/22.

Vision Group chief executive officer Don Wanyama said the company had to navigate troubled waters to stay afloat during the last two years. 

He noted that despite the disruptions, the company was still able to collect revenue worth sh81.9b.

Vision Group chief executive officer Don Wanyama. (Photo by Miriam Namutebi)

“The pressing needs for the year were to keep the business afloat and invest in opportunities which will turn around the future,” he said. 

“The focus for the new year and the years ahead is investment in opportunities that will turn around the performance and rejuvenate profitability, to ensure an improved return to shareholders,” he added. 

L-R: Vision Group chief executive officer Don Wanyama, Evelyn Anite, state minister of finance for investment and privatization and Patrick Ayota, the deputy managing director of NSSF and the chairman of the board. (Photo by Miriam Namutebi)

Financial performance 

The company’s financial statement for the period ended June 30, 2021, shows that Vision Group posted a loss after tax of sh985m in 2021 compared to a profit of sh2.6b in the same period in 2020.  

Total revenue for the period under review declined by 10.7% to sh81.9b. Cost of sales declined by 11.2% to sh59.8b.  

Evelyn Anite, state minister of finance for investment and privatisation chats with Patrick Ayota. (Photo by Miriam Namutebi)

Digital contributed 1.4b for the financial year 2020/2021, registering a 2% growth compared to the previous year 2019/2020. 

Special editorial projects contributed sh6.1b in revenue. With the closure of educational institutions, annual revenue drivers such as the University Guide, Schools Guide and Vocational Guide among others, suffered a setback. 

Vision Group Deputy CEO and Company Secretary, Gervase Ndyanabo speaking during the meeting. (Photo by Miriam Namutebi)

Circulation sales revenue on the other hand contributed sh15.5b, registering a 16% decline compared to 2019/2020. 

According to Augustine Tamale, chief finance officer, the company is projected to attain a turnover of sh121.b and a profit of sh9.7b in the financial year 2021/22.

Augustine Tamale, Chief Finance officer Vision group during the 20th Annual general meeting. (Photo by Miriam Namutebi)

Evelyn Anite, state minister of finance for investment and privatization who represented the government, the majority shareholder at the AGM, applauded management for quality content and leadership. 

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More photos from the AGM

The Head of Content Generation/ Editor in Chief at Vision Group, Barbara Kaija, having a chat with Evelyn Anite, state minister of finance for investment and privatisation. (Photo by Miriam Namutebi)

L-R: Patrick Ayota, the Chairman Board, Don Wanyama, CEO, Gervase Ndyanabo, Company Secretary and Evelyn Anite, State Minister of Finance incharge of Privatisation chating. (Photo by Miriam Namutebi)

Keto Kayemba, the Assistant Auditor General and Barbara Kaija, Vision Group Editor in Chief having a chat after the meeting. (Photo by Miriam Namutebi)

Board of Directors and executive committee members joined by Evelyn Anite, state minister of finance for investment and privatisation and Keto Kayemba, the Assistant Auditor General posing for a picture. (Photo by Miriam Namutebi)

The organising committee of the 20th Annual general meeting. (Photo by Miriam Namutebi)