Media Prima Posts Higher Net Profit Of RM33.21 Mln In 4Q

KUALA LUMPUR, Aug 28 (Bernama) -- Media Prima Bhd recorded a net profit of RM33.21 million for the fourth quarter ended June 30, 2024 (4Q) compared to RM2.47 million in the preceding quarter ended March 31, 2024 (3Q), due to prudent cost management initiatives.

However, revenue in 4Q was reduced by nine per cent to RM193.10 million against RM213.22 million in 3Q.

This was due to consumer sentiment against certain large global brands and continuous geopolitical tensions impacting advertisement spending, the integrated media group said in a Bursa Malaysia filing today.

bootstrap slideshow

Media Prima announced on Aug 25, 2022, that the group’s financial year-end was changed from December 31 to June 30.

“While there is no comparative financial information presented for the quarter ended June 30, 2024, the analysis is a comparison against the immediate preceding quarter ended March 31, 2024,” it said.

Meanwhile, the group posted a net profit of RM60.47 million for the financial year of 2024 (FY2024) and recorded a normalised profit after tax of RM30.51 million for the current financial year, underpinned by improved operational efficiencies and cost management initiatives.

bootstrap slideshow

The company also registered revenue of RM844.01 million for FY2024 despite advertising and commerce revenue continuing to be impacted by challenging market conditions.

Media Prima expects the outlook for the financial year ending June 30, 2025, to remain challenging as the advertising market remains susceptible to economic and geopolitical uncertainties.

“The group will continue to focus on sustaining its performance across all platforms and optimising operational efficiencies to support our three-year business plan guided by three growth pillars: content quality boost, inventory premiumisation, and exploration of new revenue streams.

“The strategic roadmap underscores our commitment to continuously deliver value to shareholders, solidifying business operations and capitalising on our strength as an integrated media group,” it noted. 

In a statement, Media Prima group chairman Datuk Seri Dr Syed Hussian Aljunid said the group has demonstrated resilience amid a landscape marked by economic slowdown, geopolitical tensions and continued digital disruptions.

“While the financial year presented both challenges and opportunities, our strategic focus on high-growth areas and cost optimisation enabled the group to record another year of positive results.

“While we anticipate continued challenges in the next financial year, we remain committed to delivering value to our shareholders and audiences alike,” he said.

The group has declared a first and final single-tier dividend of 1.5 sen per ordinary share for the financial year ending June 30, 2024.

-- BERNAMA