[2007-10-09]  New Vision Share Price Reaches Sh600
"THE market has spoken," said Simon Rutega of the Uganda Securities Exchange as he announced that The New Vision share price had broken another record, the third in a week. The share price of The Vision Group yesterday traded at sh600, up from sh470 ten days ago.

Trading at the Uganda Securities Exchange saw 351,500 New Vision shares exchange hands with a turnover of sh210m.


Rutega said the new record reflected market confidence in the company following the release of its audited results. The company posted a rise in pre-tax profit of 27% to sh4.6b at the end of June 2007, up from sh3.6b in the previous year. Turnover grew by 11%, to sh33b up from sh29.6b.

Rutega congratulated the company on its excellent performance, recalling that it listed on the stock exchange less than three years ago at sh200 per share.

Robert Kabushenga, the chief executive, said the company's performance was the result of deliberate actions to ensure that it remained the best managed company in the country.

"We have been growing consistently. This has not been by accident but a pattern of growth. We are the leading media company because of innovation," he said during a 'Facts Behind the Figures' session at the Uganda Securities Exchange.

Growth, he said, was driven by good editorial innovations and product strengthening, a strong and dynamic sales team, strict financial discipline and growth in circulation. Kabushenga said the company was planning to expand into radio and television before the end of the year.

"We have made a firm decision to diversify into electronic media and to strengthen our print media and Internet division."

Michael Opagi, the acting chairman, said the company had continued to post good results despite changes at the top management in the past year. He said the company would this year pay sh20 dividend per share, a 66% rise from last year's declaration.






Source: Copyright © 2007 New Vision.