Media Prima posts 18-month net profit of RM65mil
PETALING JAYA: Media Prima Bhd has posted a net profit of RM64.63 million for the 18-month period ended June 30, 2023, on the back of a RM1.43 billion revenue.
Compared to the previous quarter, Media Prima’s net profit grew 124% to RM8.83 million from RM3.94 million. Revenue rose 6% to RM223 million from RM210.84 million.
The group had amended its financial year end from Dec 31 to June 30 in August last year.
It has declared a single-tier dividend of 1.5 sen per ordinary share for the 18-month period ended June 30, 2023.
In a filing with Bursa Malaysia today, Media Prima said the marginal rise in revenue was largely driven by higher advertising revenue generated during the current quarter.
The group also mentioned that its profit after tax for the current quarter was 49% higher at RM8.1 million compared to the previous quarter’s RM5.4 million due to the real property gains tax incurred during the previous quarter.
Its out-of-home segment stood out with a 12% quarter-on-quarter (q-o-q) growth in revenue due to increased demand for outdoor advertising.
Higher advertising revenue also led to a 7% q-o-q increase in the group’s publishing segment.
In a separate press statement, Media Prima chairman Syed Hussian Aljunid expressed optimism over the group’s performance despite challenging economic and advertising market conditions.
“We maintain a strong belief that our brand strength, expansive reach, and innovative content will continue to strongly resonate with our dedicated audiences and advertisers while delivering value to our shareholders,” he said.
Managing director Rafiq Razali meanwhile said that the company has displayed resilience after posting consecutive quarterly profits since the third quarter of the financial year ended Dec 31, 2020.
“Despite the tougher economic climate, we have been successful in optimising our operational costs and seeing incremental growth in advertising revenue across our businesses.
“We are committed to executing our three-year business plan to strengthen our position and realise new opportunities for the group,” he said.
Moving forward, Media Prima intends to harness its technological expertise, valuable data insights and talented workforce to gain a competitive advantage over its competitors.
As at 11.13am, Media Prima’s share price was down by 1.5 sen or 3.33% at 43.5 sen, giving it a market capitalisation of RM477.02 million.
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