By Tatenda Mujeyi
Zimbabwe’s only integrated media house, Zimpapers, is experiencing positive first quarter performance, Chief Executive Officer, Pikirayi Deketeke announced at the company’s Annual General Meeting in Harare today.
The profits were broadly attributed to the diverse business lines the company operates despite classifying the Newspaper division, radio and the television network ZTN as strong contributors.
“Our current financial revenue stands at RTGS$25.3 million against a target of RTGS$18. 8million. The newspaper business contributed RTGS16. 703 million, RTGS$822 000 came from our radio division while ZTN contributed RTGS721 000,” Deketeke said.
Zimpapers attributed the success to the comparative advantaging they were generating from aligning their operations to the international media operations of reputable international media groups.
“We have taken a comparative approach to the operations of other international media organisations like Naspers who launched in 1915 in Stellenbosch and by 1920 had moved to book publishing. In 1985 they launched the MNET pay TV and in 1997 they launched MWEB and currently operates in 120 markets. We believe by employing this comparative approach we will continue to best place our stable on the Zimbabwean and global market,” the CEO said.
The AGM noted Zimpapers positive performance as realised in the share price increase against the fall of stock value on the Zimbabwe Stock Exchange.
“We are currently experiencing an increase in our share prices by 177.8% (Year to Date) against a Zimbabwe Stock Exchange loss of 37.23%. This further presents our positive experience,” Deketeke said.
The idea to integrate Zimpapers follows the global trajectory that asserts print media is on the decrease whilst online platforms and television are generating more audiences as well as advertising.
“According to global analysts, Magazines, Outdoor advertising, TV, Radio, Newspapers, and Digital media advertising generations are 5%, 7%, 24%, 6%, 10%, and 38% respectively. The newspaper cake is getting smaller and we are venturing into the other areas of operation more aggressively,” the Zimpapers CEO added.
The first quarter also saw Zimpapers contribution to employee welfare through the launch of an in-house gym two weeks ago and other employee welfare improvement contributions.
Zimpapers also noted the revival of nonfunctioning entities and improvements on assets as a first quarter priority area they had invested just over a million dollars in.
“We have launched the Bold Ads brand as a creative agency that concentrates on Digital media, Design, Media and Events management. Our Typo-crafters brand was refurbished to the tune of us$700 000 last year and have invested 1, 057million in refurbishments this quarter.
Other resolutions passed at the AGM included the reinstatement of Mr. G Manyere, Ms R Nharaunda and Mr. F. F. Moyo to the Zimpapers directorate, reinstatement of Barker Tilly Gwatidzo as the Auditors and declared a dividend of RTGS 0.00131 per share.
