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Scangroup pretax profit up 151 pct

09 August 2014, 11:17

Nairobi -  Advertising firm Scangroup reported a 151 percent rise in pretax profit for the first half of the year helped by a jump in interest income.

Scangroup, which also operates in Nigeria, Tanzania and Uganda, said profit for the six months rose to 253.85 million shillings ($2.89 million) and revenues rose by just over a quarter.

Profits were buoyed by a one-off payment from Cavendish Square Holding, a subsidiary of British firm WPP, which raised its stake in Scangroup last year to 50.1 percent from 36.616 percent.

Net interest income jumped to 111.7 million shillings from 20 million shillings, helped by interest earned on a 1.83 billion shilling payment from Cavendish Square Holding.

The advertising firm's earnings per share rose to 0.42 shillings from 0.02 shillings.

By 0803 GMT, Scangroup's shares were up 2.13 percent at 48.00 shillings, but on low volumes.

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- Reuters

Tags business

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