business

Media Prima posts second consecutive 12-month profit as revenue edges close to RM1bil

KUALA LUMPUR: Media Prima Bhd  recorded a net profit of RM53.9 million on the back of RM997.9 million revenue for the year ended Dec 31 2022.

This was Media Prima's second consecutive 12 months of net profit, reflecting a four per cent increase against the period ended December 31, 2021. 

The group saw better advertising revenue from its businesses, posting RM748.9 million for the 12 months. 

Media Prima's out-of-home business, Big Tree, recorded a net profit of RM7.2 million in the 12 months under review, reversing a loss of RM36.2 million in the comparative period. 

REV Media Group's net profit increased by 46 per cent to RM17.5 million from RM12.0 million in the previous year, driven by a seven per cent growth in advertising revenue. 

In broadcasting, represented by Media Prima Television Networks and Media Prima Audio, the group posted a 12 months revenue of RM471.6 million and net profit of RM68.0 million. 

Media Prima Television Networks remained the most watched network in Malaysia, with TV3 and 8TV growing their reach to over 32 per cent and 42 per cent of the Malay and Chinese audiences respectively in the 12 months. 

Overall, Media Prima Television Networks reached over 36 per cent of Malaysia's broadcast audience. 

Content sales revenue increased by 25 per cent to RM54.1 million in the 12 months. 

Moving forward, Media Prima's content production and distribution arm, Primeworks Studios, will invest in more content for both television and streaming platforms. 

Media Prima also released its results for the last three months of the year, recording a revenue of RM252.7 million and net profit of RM26.9 million.

Media Prima group chairman Datuk Seri (Dr) Syed Hussian Aljunid said the company was pleased with its 12-month performance which reaffirmed its resilience in the face of headwinds. 

"This includes posting our second consecutive 12 months of profit and maintaining our leadership positions across our businesses. 

"We reaffirmed our commitment to good environmental, social and governance practices, which was acknowledged by the Minority Shareholders Watchdog Group and The Edge ESG Awards. 

"Nonetheless, we can do more as a leading integrated media company to unlock greater potential from our brands and businesses. Moving forward, we will be focusing on our three-year business plan to take Media Prima to greater heights, and we will keep a close watch on operational efficiencies to ensure long-term shareholder value," he said.  

Media Prima also embarked on a strategic three-year business plan which focuses on three strategic pillars namely content boost, inventories premiumisation and new revenue streams — that leverages its strengths in technology, data and talents.

"Our results show that 2022 was more challenging for us and media providers must quickly respond to the fast-changing competitive landscape. 

"We believe we can do more to accelerate revenue growth and improve operations. We made the decision to change the group's financial year end from Dec 31 to June 30 to optimise audit planning and allocation of resources. 

"We have also reevaluated our strengths and are pleased to share our initiatives to reinvent and reorganise the group under a three-year business plan," said  Media Prime group managing director Rafiq Razali. 

Rafiq added that Media Prima's strategic three-year business plan aimed to drive business sustainability by leveraging its competitive advantages as a leading integrated media company. 

"We believe these initiatives will establish the right foundation to deliver sustainable growth for Media Prima, and give the group a competitive edge, secure high-value clients and projects, and achieve income diversification," he said.

Most Popular
Related Article
Says Stories