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UPDATE 1-Higher ad sales help lift profits at Kenya's Nation Media Group
March 20, 2013 / 12:06 PM / 5 years ago

UPDATE 1-Higher ad sales help lift profits at Kenya's Nation Media Group

* Dividend raised 25 percent

* Shares jump 5 percent on the day (Adds share price movement, details)

NAIROBI, March 20 (Reuters) - Profits at Kenya’s Nation Media Group jumped by a quarter last year thanks to regional expansion and improved advertising sales, the company reported on Wednesday.

The firm, which publishes newspapers and magazines including the Daily Nation and operates radio and television stations, said pretax profit rose to 3.5 billion shillings ($40.86 million) from 2.81 billion in 2011.

Shares in the group were up 5.3 percent at 297 shillings by 1200 GMT on Wednesday.

“We will continue to identify new opportunities in the greater east Africa,” said Linus Gitahi, the company’s chief executive.

The company declared a dividend of 10 shillings per share, up from 8 shillings a year earlier. ($1 = 85.6500 Kenyan shillings) (Reporting by Beatrice Gachenge; Editing by Richard Lough and Greg Mahlich)

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