Shaping Tomorrow

SHAPING

TOMORROW

2023 Annual Report & Financial Statements

Nation Media Group PLC | 2023 Annual Report & Financial Statements

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The Nation Media Group PLC ("NMG" or the "Group") is the largest independent media house in East and Central Africa with operations in print, broadcast and digital media which attract and serve unparalleled audiences across East Africa.

The Group was founded by His Highness, The Aga Khan, in 1959 and has since evolved from a predominantly single country (Kenya) newspapers business into a multi- media organization and a leader in media and entertainment with businesses in newspapers publishing, radio and television broadcasting and various digital platforms, using its industry-leading operating scale and brands to create, package and deliver high- quality content on a multi-platform basis.

Today, NMG has operations in Kenya, Uganda, Tanzania and Rwanda. It is listed on the Nairobi Securities Exchange and cross-listed on the Dar es Salaam Stock Exchange, the Uganda Securities Exchange, and Rwanda Stock Exchange.

Copyright © 2023 Nation Media Group PLC. All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the permission of the copyright holder.

Browse, download or print our annual report at

https://www.nationmedia.com/wp-content/uploads/2024/06/NMG-2023-Annual-Report-and-Financial-Statements.pdf

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Nation Centre,

Telephone:

P.O. Box 49010-00100, GPO

Website

Nation Media Group PLC. | 2023 Annual Report & Financial Statements

Kimathi Street

+254 20 328 8000

Nairobi, Kenya

www.nationmedia.com

Shaping Tomorrow

INSIDE THE REPORT

Company Information

Page 5

Notice of Annual General Meeting

Page 6

NMG Overview

Page 12

Our Regional and Digital Footprint

Page 14

Performance Highlights

Page 16

Corporate Governance Statement

Page 18

Board of Directors' Profiles

Page 19

Group Chairman's

Statement

Page 24

Group CEO's Statement

Page 36

Executive Team

Page 48

Environmental, Social and

Governance Report

Page 50

Report of the Directors

Page 72

Directors' Remuneration Report

Page 79

Statement of Directors'

Responsibilities

Page 82

Independent Auditor's Report

Page 83

Financial Statements

Page 86

Shareholders Information

Page 140

Proxy Form

Page 141

Media of Africa for Africa

Nation Media Group PLC | 2023 Annual Report & Financial Statements

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4 Nation Media Group PLC | 2023 Annual Report & Financial Statements

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COMPANY INFORMATION

Nation Centre

Kimathi Street

Registered Office

Afisi Ilioandikishwa

P.O. Box 49010 00100

Nairobi

Hamilton, Harrison & Mathews

Delta SuitesAdvocatesWakili

Waiyaki Way, Nairobi

PricewaterhouseCoopers LLP

PwC Tower, Waiyaki Way/Chiromo Road, Westlands

Auditor

Mkaguzi wa Hesabu

P O Box 43963 - 00100 Nairobi, Kenya

Standard Chartered Bank of Kenya Limited

ChiromoBankersBenki

No. 48 Westlands Road, Nairobi

Angela Namwakira

Adili Corporate Services Kenya

ALN House, Eldama Ravine Road

Company Secretary

Katibu

P.O. Box 764 00606

Nairobi

Media of Africa for Africa

Nation Media Group PLC | 2023 Annual Report & Financial Statements

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Notice of Annual General Meeting

Notice is hereby given that the Sixty-First Annual General Meeting of the Shareholders of Nation Media Group PLC will be held via electronic means on Friday, 28 June 2024 at 3.00 pm EAT to conduct the business stated below.

All resolutions will be conducted by way of a Poll.

ORDINARY BUSINESS

  1. To receive the financial statements for the year ended 31 December 2023, and the Chairman's, Directors' and Auditors' reports thereon.
  2. To note that the Directors do not recommend a dividend for the year ended 31 December 2023.
  3. To receive, consider and if thought fit approve the Directors' Remuneration Report and the remuneration paid to the Directors for the year ended 31 December 2023 and to authorise the Board to fix the remuneration of the Non-Executive Directors.
  4. To confirm that the Auditors, PricewaterhouseCoopers LLP having expressed their willingness, continue in office as the Company's Auditors in accordance with section 721(2) of the Kenyan Companies Act 2015 and to authorise the Directors to fix the remuneration of the Auditors for the ensuing financial year.
  5. To re-elect Directors:
    1. Mr. Sultan Allana was appointed on 2 May 2024 to fill a casual vacancy and in accordance with Article 96 of the Company's Articles of Association, he retires by rotation and being eligible, offers himself for re-election;
    2. Mr. Fayyaz Nurmohamed was appointed on 2 May 2024 to fill a casual vacancy and in accordance with Article 96 of the Company's Articles of Association, he retires by rotation and being eligible, offers himself for re-election;
    3. Ms. Nancy Matimu was appointed on 2 May 2024 to fill a casual vacancy and in accordance with Article 96 of the Company's Articles of Association, she retires by rotation and being eligible, offers herself for re-election;
    4. in accordance with Article 110 of the Company's Articles of Association, Mrs. Sumayya Hassan retires by rotation and does not offer herself for re-election;
    5. in accordance with Article 110 of the Company's Articles of Association, Mr. Dennis Aluanga retires by rotation and being eligible, offers himself for re-election;
    6. in accordance with Article 110 of the Company's Articles of Association, Prof. Samuel Sejjaaka retires by rotation and being eligible, offers himself for re-election;
    7. Dr. Wilfred Kiboro, having attained the age of 70 years, retires by rotation and offers himself for re-election;
    8. Mr. Francis O. Okello, having attained the age of 70 years, retires by rotation and does not offer himself for re-election;
    9. Dr. Yasmin Jetha, having attained the age of 70 years, retires by rotation and offers herself for re-election;
    10. Mr. Wangethi Mwangi, having attained the age of 70 years, retires by rotation and does not offer himself for re-election;
    11. Mr. Leonard Mususa having attained the age of 70 years, retires by rotation and offers himself for re-election; To appoint the members of the Company's Audit, Risk and Compliance Committee:

In accordance with the provisions of section 769(1) of the Companies Act 2015, the following Directors being members of the Company's Audit, Risk and Compliance Committee be re-elected to continue to serve as members of the said Committee:

  1. Mr. Leonard Mususa
  2. Mr. Al-Noor Ramji
  3. Prof. Samuel Sejjaaka
  4. Dr. Yasmin Jetha

SPECIAL BUSINESS

6. Any other Business for which valid Notice shall have been given.

By Order of the Board

Angela Namwakira

Company Secretary

6 June 2024

6 Nation Media Group PLC | 2023 Annual Report & Financial Statements

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Taarifa Kuhusu Mkutano Mkuu wa Kila Mwaka

Taarifa imetolewa hapa kwamba Mkutano Mkuu wa Kila Mwaka wa Sitini na Moja wa Wenyehisa wa Shirika la Nation Media Group PLC utafanyika mtandaoni siku ya Ijumaa, tarehe 28 Juni 2024 saa 9.00 jioni Saa za Afrika Mashariki ili kuendesha shughuli zilizotajwa hapo chini.

Maamuzi yote yataendeshwa kupitia Kura ya maoni.

SHUGHULI YA KAWAIDA

  1. Kupokea taarifa za kifedha za mwaka uliokamilika tarehe 31 Disemba 2023, na ripoti za Mwenyekiti, Wakurugenzi Watendaji na Wakaguzi.
  2. Kuangazia kuwa Wakurugenzi hawapendekezi mgao wa hisa kwa mwaka uliokamilisha tarehe 31 Disemba 2023.
  3. Kupokea, kuzingatia na ikifikiri kuwa ni sawa, iidhinishe Ripoti ya Mshahara wa Wakurugenzi na mshahara uliolipwa kwa Wakurugenzi kwa mwaka uliokamilika tarehe 31 Disemba 2023 na kuidhinisha Bodi kurekebisha mshahara wa Wakurugenzi Wasio Watendaji.
  4. Kuthibitishia Wakaguzi kwamba kampuni ya PricewaterhouseCoopers LLP, baada ya kuonyesha nia yake, itaendelea kuhudumu kama Mkaguzi wa Kampuni kwa mujibu wa kifungu cha 721(2) cha Sheria ya Kampuni ya Kenya 2015 na kuidhinisha Wakurugenzi kurekebisha mshahara wa Wakaguzi.
  5. Kuchagua tena Wakurugenzi watendaji:
    1. Bw. Sultan Allana aliteuliwa mnamo tarehe 2 Mei 2024 kuchukua nafasi ya kawaida na kwa mujibu wa Kifungu cha 96 cha Makala ya Muundo wa Kampuni, anastaafu kwa zamu na kwa kuwa anastahiki, amejitosa ili kuchaguliwa tena;
    2. Bw. Fayyaz Nurmohamed aliteuliwa mnamo tarehe 2 Mei 2024 kuchukua nafasi ya kawaida na kwa mujibu wa Kifungu cha 96 cha Makala ya Muundo wa Kampuni, anastaafu kwa zamu na kwa kuwa anastahiki, amejitosa ili kuchaguliwa tena;
    3. Nancy Matimu aliteuliwa mnamo tarehe 2 Mei 2024 kuchukua nafasi ya kawaida na kwa mujibu wa Kifungu cha 96 cha Makala ya Muundo wa Kampuni, anastaafu kwa zamu na kwa kuwa anastahiki, amejitosa ili kuchaguliwa tena;
    4. kwa mujibu wa Kifungu cha 110 cha Taarifa ya Ushirika ya Kampuni, Bi. Sumayya Hassan, anastaafu kwa mzunguko na hajajitosa ulingoni ili kuchaguliwa tena;
    5. kwa mujibu wa Kifungu cha 110 cha Taarifa ya Ushirika ya Kampuni, Bw. Dennis Aluanga, anastaafu kwa zamu na kwa kuwa anastahiki, amejitosa ulingoni ili kuchaguliwa tena;
    6. kwa mujibu wa Kifungu cha 110 cha Taarifa ya Ushirika ya Kampuni, Prof. Samuel Sejjaaka, anastaafu kwa mzunguko na kwa kuwa anastahiki, amejitosa ulingoni ili kuchaguliwa tena;
    7. Dkt. Wilfred Kiboro, kwa kufikisha umri wa miaka 70, anastaafu kwa zamu na amejitosa ulingoni ili kuchaguliwa tena;
    8. Bw. Francis O. Okello, kwa kufikisha umri wa miaka 70, anastaafu kwa zamu na hajajitosa ulingoni ili kuchaguliwa tena;
    9. Dkt. Yasmin Jetha, kwa kufikisha umri wa miaka 70, anastaafu kwa zamu na amejitosa ulingoni ili kuchaguliwa tena;
    10. Bw. Wangethi Mwangi, kwa kufikisha umri wa miaka 70, anastaafu kwa zamu na hajajitosa ulingoni ili kuchaguliwa tena;
    11. Bw. Leonard Mususa, kwa kufikisha umri wa miaka 70, anastaafu kwa zamu na amejitosa ulingoni ili kuchaguliwa tena Kuteua wanachama wa Kamati ya Ukaguzi, Hatari na Utiifu ya Kampuni:

Kwa mujibu wa kifungu cha 769(1) cha Sheria ya Kampuni ya 2015, Wakurugenzi wafuatao kwa kuwa wanachama wa Kamati ya Bodi ya Ukaguzi, Hatari na Utiifu wachaguliwe tena ili kuendelea kuhudumu kama wanachama wa Kamati iliyotajwa:

  1. Bw. Leonard Mususa
  2. Bw. Al-Noor Ramji
  3. Prof. Samuel Sejjaaka
  4. Dkt. Yasmin Jetha

SHUGHULI MAALUM

6. Shughuli nyingine yoyote ambayo Taarifa yake halali imetolewa.

Kwa Agizo la Bodi

Angela Namwakira

Katibu wa Kampuni

Tarehe 6 Juni 2024

Nation Media Group PLC | 2023 Annual Report & Financial Statements

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Overview

Television has transcended the traditional screen. Viewers can now watch news and their favourite shows on the go, on their tablet or phone.

8 Nation Media Group PLC | 2023 Annual Report & Financial Statements

Nation Media Group PLC | 2023 Annual Report & Financial Statements

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Vision

To be the media of Africa for Africa

Create value for our stakeholders and positively influence society by

Mission providing media that informs, educates, and entertains.

Core Values

Continuous

Improvement

& Innovation

Consumer Focus

We are a Team

Integrity and Trust

Drive for Performance

10 Nation Media Group PLC | 2023 Annual Report & Financial Statements

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Nation Media Group published this content on 05 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2024 20:22:03 UTC.