September 2011
Vision Group profits triple
THE recently released Vision Group 2010-11 financial year report indicates a rise in overall profits by a little over 300 per cent. This increase in gains shows that the company has performed three times better than in the previous financial year.
Figures
According to the report presented by the Auditor General before the Vision Group board audit committee at the head offices, profit per tax rose by 309 per cent from sh734m in 2010 to sh3bn in 2011. Overall revenue rose from sh61.8bn from 49.9b.
On the part of shares, earnings per share rose by 290 per cent while commercial printing and advertising scored the highest growth rates at 35 per cent and 27 per cent respectively. As a result, the company’s directors have proposed a dividend of sh30 per share.
Electronic media expanded by 88 per cent with TV revenue recording 272 per cent, representing the bigger share. Print advertising grew by 12 per cent.
However, the rising costs of inputs bit into the direct costs. The direct costs were increased by 23 per cent.
Future Outlook
Despite the global economic crisis that is expected to push on to the coming year, Vision Group profit margins are projected to continue to grow, the company’s chief executive officer Robert Kabushenga said .
Over the recent months, Uganda’s race towards further economic growth and development has been slowed down by an economic crisis reflected in rising commodity prices and a weak unstable Shilling against major foreign currencies.
As fuel prices continue to affect consumers on the higher end of the bargain countrywide, the harshly high sugar prices, among other basic commodities, remains unspeakable. Producers of these commodities too, have been left on bended knees.
While some enterprises, due to the crisis in existence, have been forced by demand and supply factors to shut down, others have been compelled to divert their vision to other possibilities. Currently, the economy is harsh – and it is not to change any time soon, so do economic experts predict.
However, amid this economic ‘chaos’, Vision Group has proved to be an epitome of focus. As a result, the company’s shareholders have not only basked in the glory that comes with such repute, but also have enjoyed what Kabushenga calls a ‘decent return’ because of the positive signs by the investments figures over the last three years.
The magic
One could now be shaking his/her head, perplexed by the notion that any enterprise would live up to its ordinary profits ,double, or even triple them in challenging economic times like we are operating in.
It all comes down to the commitment of the staff.
Kabushenga linked the outstanding performance of the company to the high standard of professionalism on the part of the people who make it work – the team.
“We have the best team in the media business. This is the reason why every year we keep posting the best performance in the industry,’’ said Kabushenga.
Fresh entrants and redesigns
Already a full-fledged media organization with a massively diverse selection of media products available for the final consumer – radio, TV, magazines, online, mobile – Vision Group has added to its package X-fm and Urban TV as the latest products this year on-top of Sunday Vision, Bukedde and website redesigns.
The company launched 94.8 X-fm in August this year to suit the needs of the ever-dynamic youth fraternity in the country. Already, the station, with its 24-hour trendy music, hourly news updates and catchy on-air presenters, has captured the hearts and minds of many audiences.
Come October 1st, official programming of Urban TV (Channel 43) will be launched. The new English TV station will compete with other existing TV stations all-over the country.
Also, a few days later on October 3rd, the company will also launch its redesigned New Vision and Bukedde websites, the first product of a year-long strategy to digitalise its operations.
Sunday Vision and Bukedde newspapers had their share of redesigning earlier this year to suit the change-factor – a fresher look and better content packaging.
The introduction of such innovations in only one year is testimony to the ever-growing marketing capabilities of the company to compete on both the local and international media scene.
It is also a reiteration of Kabushenga’s optimism that the next financial year should not be deterred by the current economic woes in the country and beyond.
The annual general meeting is scheduled for November 17, 2011 at the New Vision head office in Industrial Area Kampala.
Preview the financial statements ( Part one here ) and ( Part two Here )
http://newvision.co.ug/D/8/12/765994 (Related Story)
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