WWP Scangroup half-year profit up 35pc on sales rise
Scangroup said that wholly-owned subsidiaries earned most of the profits. PHOTO | FILE
Marketing services firm WPP Scangroup recorded a 34.7 per cent jump in net profit in the half year ended June, driven by increased sales.
The company’s net profit stood at Sh249.6 million compared to Sh185.3 million a year earlier, with sales rising 10.9 per cent to Sh2.5 billion.
“As we continue to pursue growth in new markets outside Kenya we saw strong growth in Gabon, Nigeria, Uganda and Zambia,” Scangroup said Thursday in a statement.
The Nairobi Securities Exchange-listed firm said 40 per cent of its revenue now comes from outside Kenya compared to 34 per cent last year and 30 per cent in 2014, indicating that its Pan African expansion is helping to reduce reliance on the local market.
Scangroup said that wholly-owned subsidiaries earned most of the profits, reducing the share of profits to minority interests and boosting that of the owners of the parent firm.
The company’s operating expenses increased six per cent to Sh2.3 billion in the period compared to Sh2.2 billion the year before.
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Note: The results are not exact but very close to the actual.
