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Standard Group

SGL · Nairobi Securities Exchange · Incorporated in Kenya · Consolidated statements

On this page
Company details
Legal name
The Standard Group PLC
Incorporated in
Kenya
Listing
SGL on the Nairobi Securities Exchange, active · ISIN KE0000000455 (observed 2026-10-07)
Sector
Media and printing (our classification from the stated principal activity)
Activity
Print, television, radio and digital media: The Standard, KTN, Radio Maisha and Spice FM.
Financial year ends
31 December

Overview

Year ended 31 December 2024 · annual report, signed / final · source

Read with these figures

  • Qualified audit opinion (going concern). The auditor's report for the year ended 31 December 2024 gives a qualified ('except for') opinion based on a going-concern uncertainty: a modified opinion, not an unmodified one with a going-concern paragraph.
  • Latest audited period available. FY2024: no audited 2025 report was on the issuer's site when checked on 7 October 2026.
  • Printed figures that do not reconcile. 1 printed figure does not add up with the issuer's own printed components or balances: Loss before taxation (FY2022). Each is shown as printed and explained beside its row (≠) and in the CSV.
Full wording and sources
  • Auditor's report, year to 2024-12-31: qualified opinion ('except for'), on the basis of a material uncertainty related to going concern

    Basis for Qualified Opinion. Material Uncertainty on the Going Concern of the Group and Company cumulatively. As highlighted in note 2(e) to the Group financial statements, the Group and Company reported a loss after tax for the year incurred of KES 1.1 billion (2023: KES 1.261 billion) and KES 940 million (2023: 1.067 billion) respectively during the year ended 31 December 2024 and, as of that date, the Group's and Company's current liabilities exceeded the current assets by KES 3.0 billion (2023: KES 2.1 billion) and KES 2.9 billion (2023: KES 2.1 billion) respectively. As at year end the Group had total negative equity of KES 2.22 billion (2023: KES 1.12 billion) whilst the Company had a negative equity of KES 2.2 billion (2023: negative equity KES 1.232 billion). Cumulatively, these conditions give rise to a material uncertainty that casts significant doubts on the company's ability to continue as a going concern. While management has disclosed events and conditions that indicate the existence of significant doubt about the Company's ability to continue as a going concern in note 2(e) to the Group and Company Financial Statements, in our view, the disclosures are not sufficient. Specifically, the financial statements do not adequately describe the nature and extent of the material uncertainty, including detailed analysis of the feasibility of management's recovery plans, the assumptions underpinning projected cash flows, and the expected timing and certainty of future financing inflows.

    Source: The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p14 (dated 2025-06-20)

  • Wording in the auditor's report

    Qualified opinion, not an unmodified opinion with a going-concern paragraph: the report is headed 'Qualified Opinion' and 'Basis for Qualified Opinion', and the opinion reads 'except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects' (PDF p14, scanned; page image checked). The basis is headed 'Material Uncertainty on the Going Concern of the Group and Company cumulatively'; the qualification concerns the sufficiency of the going-concern disclosures in note 2(e), not a specific figure.

    Source: The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024 (dated 2025-06-20)

  • Latest audited period available

    FY2024 is the latest audited period available: no audited report for 2025 was on the issuer's site when checked on 7 October 2026. The FY2024 report (auditor's report dated 20 June 2025) is the newest audited source; figures for 2025 are not shown.

    Source: The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024 (dated 2025-06-20)

  • Printed figures that do not reconcile

    1 printed figure does not add up with the issuer's own printed components or balances: Loss before taxation (FY2022). Each is shown as printed and explained beside its row (≠) and in the CSV. Loss before taxation (FY2022): Printed loss before taxation for 2022: (1,023,463) KES thousands (p69). The seven printed lines above it in the same column sum to (1,040,666) (arithmetic check; not a printed figure); difference 17,203. Displayed: (1,023,463), as printed. The printed tax credit 158,259 and loss after tax (865,204) agree with (1,023,463) (arithmetic check). Not rounding; the column is not labelled restated and the issuer gives no explanation.

  • Revenue

    KES 1.84 billion

    1,843,206 KES thousands · p18

    −22.6% vs 2023

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    −KES 1.10 billion

    (1,099,755) KES thousands · p18

    Change not shown.

  • Total assets

    KES 3.84 billion

    3,836,334 KES thousands · p20

    −6.4% vs 2023

  • Total equity

    −KES 2.22 billion

    (2,222,227) KES thousands · p20

    Change not shown.

  • Cash from operations

    KES 141 million

    141,033 KES thousands · p24

    −65.0% vs 2023

Large amounts are rounded for reading (KES million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in KES thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2024 — annual report, signed / final; reported for the year · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source
  • FY2022 — annual report, signed / final; comparative in the FY2023 filing · source

Income statement

Income statement, KES thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Revenue 1,843,206 2,381,425 2,726,063
Direct costs (567,214) (749,880) (749,386)
Other income or (losses)1 77,885 (8,489) 22,749
Selling and distribution costs (208,472) (239,517) (257,202)
Administrative and operating expenses2 (1,893,014) (1,971,167) (2,320,891)
Net Movement in expected credit losses34 (241,588) (46,167) (246,323)
Finance costs (110,558) (88,743) (215,676)
Loss before taxation (1,099,755) (722,538) (1,023,463)5
≠ Note 5. Printed loss before taxation for 2022: (1,023,463) KES thousands (p69). The seven printed lines above it in the same column sum to (1,040,666) (arithmetic check; not a printed figure); difference 17,203. Displayed: (1,023,463), as printed. The printed tax credit 158,259 and loss after tax (865,204) agree with (1,023,463) (arithmetic check). Not rounding; the column is not labelled restated and the issuer gives no explanation.
Income tax Expense6 –7 (538,902) 158,259
Total loss after tax for the year (1,099,755) (1,261,440) (865,204)
Total comprehensive loss for the year (1,099,755) (1,261,440) (865,204)
Non-controlling interests8 (78,357) (95,039) (44,184)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (6)
  1. Printed under different labels across filings: “Other gains or (losses)”; “Other income or (losses)”.
  2. Printed under different labels across filings: “Administrative and operating expenses”; “Administrative expenses”.
  3. “Net Movement in expected credit losses” is an issuer-specific line, not mapped to a shared definition: Note 12(b).
  4. Printed under different labels across filings: “Movement in expected credit losses”; “Net Movement in expected credit losses”.
  5. Printed under different labels across filings: “Income tax Expense”; “Income tax credit /(expense)”.
  6. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Note 26.

Balance sheet

Balance sheet, KES thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Property, plant and equipment 1,049,081 1,220,258 1,394,546
Leasehold land1 295,704 299,845 303,987
Right of use assets 14,588 17,290 23,346
Intangible assets 518,106 524,486 538,712
Deferred income tax –2 –2 538,902
Non-current assets (unlabelled subtotal) 1,877,479 2,061,879 2,799,493
Inventories 118,176 105,824 99,913
Trade and other receivables 1,695,420 1,856,229 1,455,098
Cash and bank balances 89,919 49,251 45,422
Current income tax 55,340 23,973 23,973
Current assets (unlabelled subtotal) 1,958,855 2,035,277 1,624,406
TOTAL ASSETS 3,836,334 4,097,156 4,423,899
Share capital 408,654 408,654 408,654
Share premium 39,380 39,380 39,380
Investment in joint operation3 (42,250) (42,250) (42,250)
Capital redemption reserve4 102 102 102
Accumulated losses5 (2,599,988) (1,578,590) (412,189)
Attributable to owners of the company (2,194,102) (1,172,704) (6,303)
Non-controlling interests (28,125)6 50,232 145,271
Total equity (2,222,227) (1,122,472) 138,968
Borrowings 210,174 279,649 –7
Lease Liabilities 14,309 18,847 6,537
Due to related parties8 837,669 748,840 351,949
Non-current liabilities (unlabelled subtotal) 1,062,152 1,047,336 358,486
Borrowings 167,102 183,921 849,919
Trade and other payables 4,724,350 3,891,508 2,969,272
Lease liabilities 3,066 1,416 16,937
Due to related parties8 101,891 95,447 90,317
Current liabilities (unlabelled subtotal) 4,996,409 4,172,292 3,926,445
TOTAL EQUITY AND LIABILITIES 3,836,334 4,097,156 4,423,899
Bank overdraft9 (118,313) (84,159) (259,556)
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-28,125”; read as (28,125). p20: Printed '-28,125' with a minus sign where the statement otherwise uses brackets for negatives; read as a negative amount.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (6)
  1. “Leasehold land” is an issuer-specific line, not mapped to a shared definition: Note 18 (prepaid operating lease rentals).
  2. “Investment in joint operation” is an issuer-specific line, not mapped to a shared definition: Equity line, note 21(b); the 2023 correction of errors (note 35 of the 2023 report).
  3. “Capital redemption reserve” is an issuer-specific line, not mapped to a shared definition: Note 25(a).
  4. Printed under different labels across filings: “Accumulated losses”; “Retained earnings”.
  5. “Due to related parties” is an issuer-specific line, not mapped to a shared definition: Note 27(b).
  6. “Bank overdraft” is an issuer-specific line, not mapped to a shared definition: Note 32(i)(b): netted in cash and cash equivalents.

Cash flow

Cash flow, KES thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Cash generated from operations 282,958 491,437 734,434
Interest expense on other loans (107,689) (83,408) (207,326)
Interest expense on lease (2,869) (5,335) (8,350)
Income tax paid (31,367) –1 (5,898)
Net cash flows from operating activities 141,033 402,694 512,860
Purchase of intangible assets (3,245) –2 (37,717)
Purchase of property, plant and equipment (9,353) –2 (38,613)
Proceeds from disposal of property, plant and equipment 4,628 7,044 532
Net cash flows used in investing activities3 (7,970) 7,044 (75,798)
Principal elements of lease payments (6,102) (19,559) (45,174)
Proceeds from borrowings 257,677 703,375 1,986,524
Loan repayment (378,124) (914,328) (2,402,719)
Net cash flows from financing activities (126,549) (230,512) (461,369)
Net decrease in cash and cash equivalents 6,514 179,226 (24,307)
Cash and cash equivalents at start of the year (34,908) (214,134) (189,827)
Cash and cash equivalents at end of year (28,394) (34,908) (214,134)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (1)
  1. Printed under different labels across filings: “Net cash flows from investing activities”; “Net cash flows used in investing activities”.

Per share and shares

Per share and shares. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Earnings / (loss) per share (per share)2 (13.46)1 (14.27) (10.05)
≠ Note 1. Two printed figures (KES per share): (13.46) on the statement of profit or loss (p18) and (12.50) in note 16 (p59); difference 0.96. Displayed: (13.46), the statement figure; (12.50) is kept here and in the CSV. Arithmetic check: loss attributable to owners 1,021,398 thousand over 81,731,808 shares = (12.50). Inference (not stated by the issuer): (13.46) equals the total loss including non-controlling interests, 1,099,755 thousand, over the same shares.
Profit / (loss) attributable to shareholders (KES thousands)3 (1,021,398) (1,166,401) (821,020)
Weighted average shares (shares)4 81,731,808 81,731,808 81,731,808
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Earnings per share for profit attributable to the ordinary equity holders of the company”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the parent”.
  3. Weighted average shares: printed as “Number of shares during the year”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2024 No dividend recommended The directors do not recommend a dividend payment for the year ended 31 December 2024 no amount Annual report, p5
31 Dec 2023 No dividend recommended The directors do not recommend a dividend payment for the year ended 31 December 2023 no amount Annual report, p55

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Grant Thornton LLP, qualified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: Grant Thornton LLP; engagement partner CPA Alfred Siele (practising certificate number 1690)

    Final status: Auditor's report signed for Grant Thornton LLP with the firm's stamp (engagement partner CPA Alfred Siele) and dated 20th June 2025 in handwriting (PDF p17, scanned, page image); statements approved by the board on 4th June 2025 and signed by two directors, Dr. James Mcfie and Dr. Julius Kipngetich (PDF p20, scanned, page image).

    Document date
    20 Jun 2025
    Auditor's report
    20 Jun 2025
    Board approval
    4 Jun 2025
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    consolidated statements · KES thousands (printed “KES 000”)
    • QUALIFIED OPINION, year ended 31 December 2024 (Grant Thornton LLP, PDF p14, scanned): the basis for qualification is a material uncertainty on going concern — losses after tax of KES 1.1 billion, current liabilities exceeding current assets by KES 3.0 billion and group negative equity of KES 2.22 billion — whose disclosure in note 2(e) the auditor considers not sufficient. The FY2023 auditor's report (same firm) gave an unmodified opinion with no going-concern section.
    • Key audit matters follow the basis for qualification (PDF pp14-16, scanned).
    • Earnings per share for 2024 are printed as (13.46) on the face of the statement (p18) and as (12.50) in note 16 (p59). Loss attributable to owners 1,021,398 over 81,731,808 shares is (12.50) (arithmetic check); (13.46) equals the total loss including non-controlling interests, 1,099,755, over the same shares (an arithmetic inference). The face value is recorded as printed.
    • The cash-flow line 'Net decrease in cash and cash equivalents' shows increases (6,514; 2023: 179,226). Non-controlling interests at 31 December 2024 are printed '-28,125' with a minus sign. Cash and cash equivalents are net of bank overdrafts (note 32(i)(b), p79).
    • No dividend recommended for 2024 (2023: nil) (report of the directors, p5). The audited report for 2025 was not found on the issuer's site when checked on 2026-10-07; FY2024 is the latest audited period.
    Technical details
    File
    81 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    e1f9b236ccf8748e7a4cba3be047a1d596ef02cd02064458430f166c551ffa5d
    Entity as printed
    The Standard Group Plc (the "Company") and its subsidiaries (together, the "Group")
    Note
    79 of 81 pages are scanned (no text layer). Statements read with OCR and checked cell by cell on the page images; rows OCR misreads (loss before tax, tax, earnings per share, share capital, total equity and liabilities, tax paid, the investing rows, the overdraft) are recorded as image-only readings.
    Issuer copy
    retrieved 2026-10-07T23:42:09Z
  • The Standard Group PLC Annual Report and Financial Statements for the year ended 31 December 2023

    Year ended 31 December 2023 · Annual report · signed / final

    Audit: Grant Thornton LLP, unmodified opinion · signed

    Auditor's sign-off: Grant Thornton LLP; engagement partner CPA Alfred Siele (practising certificate number 1690)

    Final status: Auditor's report signed for Grant Thornton LLP with the firm's stamp (engagement partner CPA Alfred Siele) and dated 29th June 2024, day and month handwritten (PDF p68, scanned, page image); statements approved by the board on 29th June 2024 and signed by two directors, Dr. James Mcfie and Dr. Julius Kipngetich (PDF p71, page image).

    Document date
    29 Jun 2024
    Auditor's report
    29 Jun 2024
    Board approval
    29 Jun 2024
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2022
    Basis
    consolidated statements · KES thousands (printed “KES 000”)
    • Key audit matters (PDF pp64-65, scanned): credit risk and expected credit losses, and the adequacy and completeness of the libel provision.
    • Other matter (PDF p66, scanned): the 2022 financial statements were audited by another auditor, who expressed an unmodified opinion.
    • The 2022 comparative column of the statement of profit or loss does not add up: its printed lines sum to (1,040,666) but loss before taxation is printed (1,023,463), a difference of 17,203 (KES '000; PDF p69, page image checked). The column is not labelled restated or re-presented and the issuer gives no explanation. Not rounding. Each figure is shown as printed.
    • The going-concern note 2(e) (PDF p78) says the Group had negative equity of KES 433 million at 31 December 2023 (2022: positive KES 139 million); the balance sheet shows total equity of (1,122,472) thousand (2022 restated: 138,968). The note states that the directors 'remain confident that the Group and Company will remain a going concern'. The auditor's report for 2023 has no going-concern section; the 2024 report's opinion is qualified on going concern.
    • Correction of errors (note 35, PDF p130): the investment in a joint operation had been accounted for as a joint venture; non-current assets and equity were overstated by 42,250, and the 2022 and 2021 balance-sheet columns are labelled RESTATED. Note 35's first table is headed '01 January 2022' but its restated totals (total assets 4,423,899) are the 31 December 2022 column; the second table's restated total assets (3,876,316, p131) do not match the balance sheet's 2021 column (4,312,062). The 2023 profit or loss and cash-flow comparatives are not labelled restated.
    • Each statement page carries its text twice (two identical layers); the values are the same in both. 'Net decrease in cash and cash equivalents' shows the 2023 increase (179,226). Tax paid in 2022 is (5,898) in the cash flow and (5,897) in note 15(b).
    • No dividend recommended for 2023 (2022: nil) (report of the directors, PDF p55).
    Technical details
    File
    136 pages, with a text layer
    SHA-256
    8b046219464af63be5f2d1aee42aa0802961d43cee1d4f52cf80fc8231110ac4
    Entity as printed
    The Standard Group Plc (the "Company") and its subsidiaries (together, the "Group")
    Note
    The independent auditor's report (PDF pp64-68) is scanned; read with OCR and checked on the page images.
    Issuer copy
    retrieved 2026-10-07T23:42:48Z

Data notes

  • Administrative and operating expenses — OCR read '((1,893,014)'; the page image shows '(1,893,014)'. OCR doubled the opening bracket; the page image shows one. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p18)
  • Loss before taxation — OCR read '(1.099,755)'; the page image shows '(1,099,755)'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p18)
  • Owners of the parent — OCR read '(1.166,401)'; the page image shows '(1,166,401)'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p18)
  • Non-current assets (unlabelled subtotal) — OCR read '1,877.479'; the page image shows '1,877,479'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Current assets (unlabelled subtotal) — OCR read '1.958,855'; the page image shows '1,958,855'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Current assets (unlabelled subtotal) — OCR read '2.035,277'; the page image shows '2,035,277'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • TOTAL ASSETS — OCR read '4.097,156'; the page image shows '4,097,156'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Accumulated losses — OCR read '(2,599.988)'; the page image shows '(2,599,988)'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Non-controlling interests — Printed '-28,125'; read as '(28,125)'. Printed '-28,125' with a minus sign where the statement otherwise uses brackets for negatives; read as a negative amount. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Total equity — OCR read '(1,122.472)'; the page image shows '(1,122,472)'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Due to related parties — OCR read '837.669'; the page image shows '837,669'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)
  • Non-current liabilities (unlabelled subtotal) — OCR read '1.062,152'; the page image shows '1,062,152'. OCR read a comma as a full stop; the page image shows the comma. (The Standard Group PLC Consolidated Annual Report and Financial Statements for the year ended 31 December 2024, p20)

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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