Despite a UGX25 billion shot in the wallet by government, Vision Group, the state majority-owned media house (government owns 53.3%), is still fishing in troubled waters, the just-published Annual Report 2024/25 shows.
The capital injection, structured as a preference share investment, was meant to stabilise the business, ease its liquidity pressures, and give the country’s largest multimedia company a fair shot at recovery.
Yet even with the sizeable boost and a slate of new investments under CEO Don Wanyama, Vision Group continues to post losses and confront deep structural challenges.
The report paints a picture of an organisation that has gained breathing space, but not enough momentum to escape the current economic, technological, and industry currents.
A lifeline to keep the company afloat
By the start of the financial year, Vision Group faced severe working-capital strain, made worse by persistently declining print revenues, rising input costs, and a rapidly shifting advertising landscape.
The UGX25 billion infusion was, therefore, not just helpful; it was existential.
The funding was allocated as follows: UGX 6 billion for a modern commercial printing press, UGX 6.54 billion for digital and broadcast media upgrades, and UGX 12.46 billion to expand outdoor advertising infrastructure.
These investments were essential for modernisation and competitiveness. But as the report makes clear, a stronger balance sheet has not yet translated into a healthier bottom line.
The good: Stabilisation, reach, and incremental gains
Despite the turbulent environment, Vision Group reported several encouraging improvements.
Losses narrowed, though slightly. The company trimmed its annual loss from UGX 10.2 billion to UGX 9.7 billion, marking a 4.3% improvement. It is still a loss, but the direction is positive.
Revenue performance held its ground. Vision Group generated UGX 80.5 billion, achieving 92% of the annual target.
Key revenue streams performed as follows: print advertising came in at UGX 23 billion (up 12.9%), commercial printing delivered UGX 16.6 billion, television advertising brought UGX 15.7 billion, and Vision Courier posted UGX 165.9 million, more than triple the target.
These numbers underscore that Vision Group still commands significant commercial relevance, especially in advertising and printing.
Market reach remains unmatched. Audience dominance continues to be Vision Group’s most defensible competitive edge.
Its newspapers command 51% market share nationwide, Bukedde TV1 maintains a stellar 42% reach, and radio brands such as Radio West, Arua One, Etop, and Rupiny lead their regions.
In the media business, reach is currency, and Vision Group still has it.
Innovation takes shape. Under Wanyama, the company accelerated long-overdue digital transformation through the launch of an in-house digital paywall, the rollout of Vision e-Shop and a courier tracking system, the creation of the Vision Group Analytics Dashboard (VGAD), and the automation of HR, asset, and administrative processes.
These innovations signal that the company is preparing for a future where digital revenue becomes central.
The Bad: Costs, contraction and commercial pressure
For all the gains, the financial headwinds remain strong. Cost structure remains unmanageable.
Expenditure rose 4% and exceeded the budget by 17%, while the cost-to-income ratio rose to 115%, far above the targeted 98%.
Key cost drivers included staff costs, content generation expenses, and high finance and operational costs.
Tribunal Backs URA in UGX 10.2 Billion Century Bottling Tax FightVision Group is running a business model where every shilling earned still costs more than a shilling to deliver.
Print circulation continues to decline. Circulation revenue dropped 11.1%, highlighting the continuing erosion of traditional print consumption, a global trend compounded locally by economic pressures and digital migration.
The printing SBU took a significant hit. Revenue fell 15.79% and profitability dropped 45.7%.
Government ministries and NGOs cut back on bulk printing expenditure, while competition in the commercial printing space tightened.
Newsroom depletion is worsening. Over the last two years, Vision Group has lost more than 10 reporters, editors, and sub-editors, with no replacements due to budget constraints.
This endangers investigative strength, editorial diversity, audience retention, and digital content growth. In a content-driven business, talent flight is a critical liability.
The Ugly: Headwinds no capital injection can immediately fix
This is where Vision Group faces its deepest vulnerabilities. Industry turbulence persists. Traditional media continues to decline as audiences flock to on-demand content, influencers, YouTube creators, and entertainment-based digital formats.
Advertising is moving elsewhere. Brands are shifting budgets to digital-first agencies, social media, and niche and lifestyle content creators.
Legacy platforms like newspapers and radio must compete harder for shrinking ad budgets.
A persistent technology gap remains. Despite notable progress, the company still identifies a 55% technology gap, highlighting the distance yet to be covered in digital readiness and automation.
Over-reliance on government and institutional spend continues. A large portion of Vision Group’s revenue still comes from ministries and government entities, donor organisations, and public sector projects. When these sectors tighten budgets, the company feels immediate pain.
Investor sentiment remains weak. The share price slipped from UGX 153 to UGX 152, a symbolic but telling indicator of broader market uncertainty.
Why the UGX 25B lifeline was not enough
The bailout addressed a cash flow crisis, but not Vision Group’s strategic crisis. Money can cover liquidity gaps, but it cannot instantly resolve a changing industry model, declining print relevance, slow digital monetisation, talent erosion, operational inefficiencies, rising costs, or fragmented audiences. The UGX 25B gave Vision Group time, not transformation.
The path forward: Ambitious targets and heavy lifting
Vision Group plans a more aggressive turnaround in the 2025/26 financial year.
The plan includes targeting a profit of UGX 5.27 billion and projected revenue of UGX 99.3 billion, a 14% increase.
It also includes completing the Namanve printing factory, installing the Komori Lithrone G37P press, acquiring digital and short-run printing machines, refreshing the digital strategy with more premium content, improving governance, culture, and customer experience, and rebuilding the newsroom to restore editorial capacity. These steps, if executed, could reposition the Group for a more sustainable climb.
A lifeline that bought time, not triumph
Vision Group’s 2024/25 report confirms a company caught between modernisation and market decline, between innovation and inefficiency, and between audience strength and financial weakness.
Don Wanyama has overseen stabilisation, digital progress, and some commercial recovery. But the fundamental pressures, rising costs, shifting consumer habits, declining print revenues, and digital disruption, remain stubborn.
The UGX25 billion injection kept Vision Group afloat. But the real test lies ahead: whether the company can reinvent itself fast enough to survive a media future that is leaving traditional players behind.
