The Nation Media Group (NMG) has increased the price of its financial and business news newspaper Business Daily (BD) by 67 per cent.
In a statement, the Kimathi Street-based media house noted that the price change will be effective May 20th 2024 and will affect both the hardcopy newspaper and the ePaper of the Business Daily as well.
From 20th May 2024, the price of the physical newspaper will up 67 per cent to Ksh100 from the current price of Ksh60.
Similarly, the ePaper will cost readers Ksh80, a 100 per cent jump from the current price of Ksh40.
“As we grow, market dynamics keep changing, affecting our production processes-primarily cost of production,” read the statement from NMG in part.
“This is to inform you that effective May 20th, 2024, there will be a price adjustment for both The Business Daily Newspaper and Paper. The Business Daily Newspaper shall retail at Ksh100 and the ePaper at Ksh80. We believe that this adjustment is essential in maintaining the excellence of our publication and upholding our dedication to providing invaluable insights to our readers,” NMG added.
“The Business Daily is committed to delivering quality content in line with its mandate as the go-to source for insightful business news and analysis. We promise to continue being the trusted leader in the business media landscape, providing you with the information you need to make informed decisions in your respective industries.”
NMG launched Business Daily in March 2007, offering exclusive business content and data insights.
The media house also publishes other newspapers, including Daily Nation, Taifa Leo, The EastAfrican and Daily Monitor.
For the fiscal year ended 31st December 2023, NMG posted a Ksh205.7 net loss attributed to reduced consumer spending and the depreciation of the Kenya Shilling.
Revenue for the review period declined 2.5 per cent to Ksh7.1 billion.
“The Group’s performance during the period was adversely impacted by a challenging macro-economic environment characterized by a weakened consumer spending, rising prices of basic commodities, higher fuel prices and rising interest rates,” stated NMG in its financial results.
This comes after the media house issued a profit warning citing various shocks including the weakening of the Kenya Shilling, rising interest and higher taxes in the country.
Read: NMG Issues Profit Warning On Increase Price Of Newsprint, Weaker Local Currency