Vision Group profit up, directors recommend dividend

Uganda’s biggest media house has released its annual results for the year ended June 2022 with an impressive uptick. Below is analysis of the results by Crested Capital.

Revenues:  NVL’s revenue from contracts with customers grew 35.98% to Ugx111.40Bn ($29.24Mn) from Ugx81.92Bn ($21.50Mn) in the prior year with other Operating incomes improving 16.30% to Ugx1.68Bn ($0.44Mn).        

Operating expenditure reduced by 13.54% to Ugx20.59Bn ($5.41Mn) due to impairment losses on financial assets dropping 70.81% to Ugx761.36Mn ($0.20Mn) from Ugx2.61Bn ($0.68Mn) in FY2021.  Other operating costs increased 12.17% to Ugx1.85Bn ($0.49Mn) with distribution costs expanding by 2.19% to Ugx1.80Bn ($0.47Mn).

Profitability:  Gross profit improved by just 4.21% to Ugx22.96Bn ($6.03Mn) with the revenue growth weighed down by a higher Cost of Sales which expanded 47.68% to Ugx88.44Bn ($23.21Mn).  Operating profits recovered to Ugx4.05Bn ($1.06Mn) from a loss position of Ugx337.95Mn ($88,702) with the company posting a net income of Ugx988.71Mn ($0.26Mn).  Earnings per share also improved to Ugx12.92 from a loss per share of Ugx12.88.

On the Balance Sheet: Total assets grew 14.00% to Ugx102.13Bn ($26.81Mn) driven by non-current assets increasing 38.40% to Ugx52.55Bn ($13.79Mn). Current liabilities expanded by 59.86% to Ugx31.79Bn ($8.34Mn).  Net asset value (NAV) increased to Ugx858.47 ($0.225) from Ugx850.18 ($0.223) in FY2021.

Dividends:  The company’s board of directors recommended a dividend payment of Ugx6.46 per share implying a 50.0% dividend payout and an improvement from last year when no dividend was recommended.   The dividend is subject to shareholder approval at the next Annual General Meeting (AGM) scheduled for 24th November 2022.

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