Nation Group profits soar 620% thanks to ‘One Nation’ synergy
Nation Group (Thailand) Plc’s “One Nation” synergy strategy for cost management has proved successful with profits soaring 620 per cent in the first quarter from the same period last year.
Nation Group (NATION) reported to the Stock Exchange of Thailand (SET) that during the first six months of this year, it recorded a profit of 519.73 million baht, compared with a loss of Bt99.87 million in the same period last year.
Nation Group reported a 178 per cent rise in overall revenue for the first half of this year compared with last year, while revenue from sales and services rose by 21 per cent driven mainly by advertising and events.
Nation Group said 457.76 million baht of profit came from the sale of 61.46 per cent of its shares in Nation Broadcasting Corporation, leaving it with a 9.99 per cent stake in NBC.
Group CEO Shine Bunnag said the profit came from sales of advertisements and holding of events, efficient cost management, business structuring and sale of shares in a daughter company.
These factors had strengthened the financial status of the group, which would allow him to lead the organisation forward with stability as a long-established media institution and the largest media group in Thailand, he added.
“We will move forward as the No 1 provider of reliable information with a responsibility to society,” Shine said.
He attributed the group’s impressive performance to business restructuring under the One Nation strategy.
“This created a phenomenon that saw all media outlets in the group – including Nation TV, Nation Online, Krungthep Turakij, Kom Chad Luek, Spring News, Thai News, The Nation, OK Nation and the People – join forces to increase working efficiency and reduce redundant costs, resulting in a strong financial status,” Shine said.
In March this year, Nation Group overhauled its business structure by having the parent company directly hold shares in its subsidiary firms.
Nation Group also announced the One Nation policy to unify management and increase its efficiency, allowing the group to reduce redundant costs by hundreds of millions of baht per year.
Shine said synergising under the One Nation strategy emphasised Nation Group’s strong point as champions of the “content is king” policy.
He compared each outlet’s editorial department to a chef with a different expertise in preparing news that is useful to society. Each Nation Group outlet carefully checks and verifies information to produce quality content with integrity, he said. The group also adheres to the highest standard of media ethics and prioritises the fight against fraud and corruption.
Shine added that Nation Group expects growth in all units this year, including TV media, print, online media, events and business-to-consumer businesses.
“Although we are a listed company, our goal is not only profit. Our goal is to lead our organisation forward at a strong pace so that we can pay dividends to shareholders in the long term and provide security to our staff. We’ll take care of our staff while also producing useful news information based on media ethics to serve society sustainably,” Shine said.
“Our ideology as a media group with responsibility to society will be underlined by operations that monitor against corruption and take care of the national and public interests.”