Zimpapers in $2.6 million expansion


0

Pikirayi deketeke

Zimbabwe’s largest media group, Zimpapers, says  it has plans to invest $2.6 million in capital expenditure this year, despite revenues slowing in the first five months of the year.

“We have put money in print to purchase new equipment and renovated our building in Mutare for Diamond FM. We have spent $547 000 and our 2016 full year capex envelope sit around $2.6 million to look at our various processes including television and what we need to do,” said chief executive Pikirai Deketeke at the group’s annual general meeting.

The group posted a profit before interest of five percent for the five months to May driven by the newspaper segment.

Revenues fell seven percent, with the newspaper segment contributing 80 percent to revenue, while the commercial printing and broadcasting contributed 10 percent each.

The group publishes The Herald, The Chronicle, Sunday News and Sunday Mail among other titles and also owns radio stations Star FM and Diamond FM and various digital platforms.

Deketeke said the group would invest in digital media to position itself in the market.

“We believe in digital media and we are investing in that space because that’s the business of the future,” he said.

The group did not declare a dividend due to a recapitalisation process.-The Source

(38 VIEWS)

Don't be shellfish... Please SHAREShare on google
Google
Share on twitter
Twitter
Share on facebook
Facebook
Share on linkedin
Linkedin
Share on email
Email
Share on print
Print

Like it? Share with your friends!

0
Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *