Bloomberg News

Nation Media of Kenya Jumps Most in Eight Months: Nairobi Mover

March 13, 2012

Nation Media Group Ltd. (NMG), East Africa’s biggest publishing company, gained the most in eight months on speculation full-year earnings increased.

The stock advanced 1.9 percent to 165 shillings by 3:20 p.m. in Nairobi, the capital. A close at that level would be the strongest since July 12.

“I expect some growth in turnover and profit because there has been an improvement in advertising,” Renaldo d’Souza, a research analyst with Genghis Capital Ltd., said by phone from Nairobi today. “There could also be an improved dividend payout going by the previous policy.”

The publishing company posted a 25 percent jump in first- half profit as sales increased, it said in August. Net income for the six-month period rose to 747 million shillings ($9.1 million) from 597.5 million shillings a year earlier. Sales climbed 17 percent to 5.2 billion shillings.

Nation Media is scheduled to announce full-year results tomorrow.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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