The Nation Media Group of East Africa has appointed New Directors
Nation Media Group (NMG) picked two new directors to join its board during the company’s annual general meeting held on Friday.
Dr Simon Kagugube, a Ugandan, and Mr Adam Salkeld, a Briton, replaced Dr Martin Aliker, a Ugandan, and Mr James Lee, a Briton, who retired from the board on June 23, 2011.
Mr Lee had been a director with the company since December 2001 while Dr Aliker joined the board in June 2001 and served as the chairman from 2007 to 2009.
“I wish to express the board’s gratitude to both gentlemen for their diligent and committed service to the company,” Mr Wilfred Kiboro, the NMG chairman, said.
“I look forward to Dr Kagugube and Mr Salkeld’s contributions to the further success of the company.”
Mr Salkeld, 47, holds a Master’s degree from Cambridge University and a postgraduate diploma in journalism from Cardiff University. He is a member of the strategic planning committee.
Dr Kagugube, 56, is the chairman of Uganda-based Monitor Publications Limited, a subsidiary of NMG.
He is a member of the finance and audit committee. He holds a Doctorate of the Science of Law in International Humanitarian Immigration, Refugees and Asylum Law.
Mr Kiboro told shareholders the company would spend more on regional expansion to boost growth.
“Our key investments in the region are bearing fruit as can be seen in the increased contributions from the markets outside Kenya.”
The region’s biggest media house opened a new radio station, 98.7 KFM in Rwanda in February, marking its first venture in the country where its shares trade on the over-the-counter (OTC) market.
The company is also set to open a bureau in South Sudan to tap into opportunities in the country seen to have a high potential for growth due to its vast oil reserves. NMG has also launched Qtv to tap new audiences through exciting content, including African movies.
The media house recorded a 30.9 per cent growth in profit before tax last year, helped by revenue growth and marketshare gains, earning shareholders a dividend of Sh8 per share.
The Business Daily, the group’s youngest publication, recorded a 14 per cent and 17 per cent growth in circulation and advertising revenue respectively, helping it to post a 69 per cent rise in operating profit.
By Victor Juma