Vision Group pays out Shs494m in dividends after posting profit

Vision Group has paid out Shs494m in dividends to shareholders after posting profits of over Shs1 billion in financial year 2021/2022.

Don Wanyama, the Group’s chief executive officer, during the company’s Annual General Meeting (AGM) held at the company headquarters in Industrial Area, on Thursday, said the board of directors has recommended paying out Shs4.46 per share to shareholders as a result of the improved performance.

In 2020/21, no dividends were paid out due to a loss position but in 2021/22.

Wanyama, quoting the company’s 2021/22 financial report, said their improved performance was largely driven by a rise in newspaper circulation, growth in online subscriptions by 104%, and a rise in digital revenue by 12% % during the financial year, from sh1.48b to sh1.66b.

He said the company also posted a 10% year-on-year growth in editorial-driven special revenue projects from sh6.58b in 2020/21 to sh7.27b, as the economy began to pick, recording 4.9% year-on-year growth by the second quarter of the year.

“The company will now focus on adequate revenue generation to ensure an inflow of significant returns to the shareholders,” said the Vision Group boss.

He said in the coming year, Vision Group shall also complete the factory construction at the Namanve industrial area, which is expected to comprehensively enhance both the turnaround time and capacity of the company’s commercial printing arm.

“The company will now focus on adequate revenue generation to ensure an inflow of significant returns to the shareholders,

DON WANYAMA, VISION GROUP CEO

The key message from management to shareholders was that despite the tough economic climate, the business is resilient and will keep growing courtesy of innovation and prudence.

The majority shareholder in Vision Group is the Government through the finance ministry holding 53.3%. The public holds the remaining 46.7%. 

Finance minister Matia Kasaija, in a speech read by Chris Mugisha, congratulated everyone for a successful Annual General Meeting.

“We have all been apprised of the company’s performance in 2021/2022 and it is clear the Company’s performance has improved. The Company is back into a profit position with a modest profit of sh1.7 billion before tax in 2021/22 compared to a loss of sh928 million in 2020/21. The Company’s profit after tax has improved from a loss of sh985 million in 2020/21 to a profit of sh989 million in 2021/22,” he said.

“Management and Board are commended for navigating a tough economic environment post covid. Management is also commended for paying all taxes due in a timely manner. On behalf of the Government, therefore, I take this opportunity to congratulate the Board and management of Vision Group on yet another profitable year despite the many challenges,” he added.