Standard group plunged by Tough economic woes

Nairobi, 

Friday, 10 November, 2023. 

McCreadie Andias 

The Standard group PLC has disclosed its current financial woes contributed by the tough economic crisis in the country.

The Media company in a press statement earlier this morning addressed its financial challenges that have impeded swift payment of salaries to its staff but also its measures to Ameliorate the situation. 

"Despite the harsh environment, made worse by the current economic crisis facing the country, the standard Group PLC has stayed focus on uts product innovation and diversification agenda aimed at driving revenue generation and ensuring business profitability. " The company said in a statement.

The company addressed that its staff and employees have remained committed despite the challanges while continuing to provide competitive media content.

Pending bills have been attributed to the payment delays and financial woes.

"A key challenge to the business has been the significant outstanding debts (pending bills) to the company and this has, regrettably, affected some of our operational times, including timely payment of staff salaries, This issue remains a top priority for the company and is being addressed accordingly. "The company said.

The statement revealed that the company is undertaking various initiatives which includes cost reduction and efficiency enhancement drive, as well as restructuring of the business to Ameliorate the challages.

The Kenya Union of journalists had yesterday issued the Standard group a 14 day ultimatum to settle all arrest for its staff or else it would mobilize media workers in a solidarity strike to picket at the company's headquarters nationwide.