money

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.

OAM numbers

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.

Read this next
More From TC
TechCabal Daily, 842 - Bosun Tijani leads 80 industry stakeholders on a two-day summit over the AfCFTA
AfCFTA, Business, ecosystem, Entrepreneurship, Events, Government
15th August 2019

And so to Kigali. On Thursday, August 15, more than 80 people from 30 African countries gathered in the sleepy and well-manicured Rwandan capital to discuss how to create a framework to ensure the success of the African Continental Free Trade Agreement (AfCFTA). Industry leaders in the technology and creative ecosystems were in attendance on […]

Gokada shuts down for two weeks in bid to reboot operations
Blog, Business, Internet, News, Ridesharing, Technology
14th August 2019

Gokada, the popular bike hailing startup, has stopped all mobility operations for the next two weeks. In a Medium post, CEO Fahim Saleh, announced that the Gokada app will be temporarily disabled and all bikers will be off the road during this period.


TechCabal is a Big Cabal Media brand



Copyright © 2019
All rights reserved

Privacy & Terms