SEEK Limited recently released its 2016 yearly report, and according to that report, an additional $2 million was invested in One Africa Media (OAM) in June 2016. This makes it SEEK’s third investment in OAM.
OAM owns Jobberman, Cheki, PrivateProperty, BrighterMonday and SafariNow, and SEEK’s first investment was in 2013 at $20 million for 25% of the OAM. In 2015, they invested a total of $10 million bumping their stake up to 30.6%. This year’s investment of an added $2 millions means SEEK owns 34.6% of OAM.
Unfortunately for OAM though, it doesn’t look like it’s had a good business year. For the year ended 30 June 2016, One Africa Media had a revenue of $12 million but spent $21.5 million on operating costs, running at a loss of $10.2 million. Believe it or not, this is an improvement on last year which saw them spend $22.3 million on operating costs with a revenue of N10.1 million.
Sometime in May this year, Ringier Africa merged with OAM to create ROAM, “Africa’s largest classifieds group“. With this move, coupled with the new investment from SEEK, OAM is set to have a much better business year…hopefully.
