Standard Group pretax profit up 14 pc

Nairobi, Kenya: Kenyan media company Standard Group Limited posted a 14 percent rise in full-year pretax profit on increased circulation and advertising, and was positive on this year's prospects after presidential election passed off peacefully.

The publisher of Kenya's oldest and second-largest daily, The Standard, and operator of KTN  and Radio Maisha said profit rose to Sh265 million ($3.2 million) on revenue up 14 percent at Sh3.6 billion.

The company said it would pay no dividend, as in 2011, in order to fund its investment plans.

The firm also said it expects to improve its performance and expand the business this year.

Business activity would also improve after the peaceful polls on March 4.

"The peaceful conclusion of elections ... is expected to contribute significantly towards economic growth," the company said, adding that the country's projected growth of 5 percent this year would underpin its growth.

"Barring unforeseen factors, the board is cautiously optimistic that the growth momentum will be sustained in the current year and that projected group results will be realised."

Despite growing usage of the Internet in Africa, traditional media like newspapers are still a profitable business.

-Reuters