Zimpapers quarterly revenue grows 63pc

DIVERSIFIED media company, Zimbabwe Newspapers (1980) has posted a 63 percent revenue growth to $1,2 billion for the first quarter of this year.

In the corresponding period last year, Zimbabwe’s best-performing media house recorded revenue growth of $737 million.

Zimpapers operates divisions dealing with broadcasting, both radio and television, newspapers and commercial printing.

In a trading update for the first quarter, Zimpapers chief executive Mr Pikirayi Deketeke said: “In line with the volume recovery, the group recorded a 63 percent revenue growth to $1,2 billion compared to $0,737 billion for the same period last year.

“Whilst the Digital and Publishing Division continued to be the biggest revenue contributor to the group, at 59 percent, it lost 7 percentage points to Commercial Printing Division 4 percent, and Radio Broadcasting Division 3 percent.”

The Commercial Printing Division improved its revenue contribution from 17 percent to 21 percent while the Radio Broadcasting Division improved from 14 percent to 17 percent.

The Zimpapers Television Network (ZTN) channel contributed 4 percent.

The group recorded a net profit before monetary adjustments of $107 million compared to $88 million for the same period last year.

“Although the profit before monetary adjustments was 21 percent better than the same period last year, the net profit margin declined to 9 percent compared to 12,2 percent,” Mr Deketeke said.

In terms of volume performance, all the group’s operating divisions recorded volume recovery for the quarter. This was mainly a result of the lower base recorded last year owing to strict lockdowns that were in place to contain the spread of the Covid-19 infections.

“The volumes for the Digital and Publishing Division grew by 38 percent during the first quarter of 2022 when compared to the same period last year.

“The division’s focus on volume recovery witnessed growth in both circulation and advertising.

“To that effect, circulation was 46 percent better driven by subscriptions recovery, whilst advertising was 26 percent favourable to the same period last year,” said Mr Deketeke.

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