Media Prima Posts Second Consecutive 12-Month Profit

Media Prima Berhad released its results for the 12 months ended 31 December 2022, recording RM997.9 million in revenue and its second consecutive 12 months profit after tax (“PAT”) of RM53.9 million, reflecting a 4% increase against the period ended 31 December 2021. 

The Group is seeing 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 PAT 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 PAT increased by 46% to RM17.5 million in the 12 months under review from RM12.0 million in the previous year, driven by a 7% growth in advertising revenue.

In Broadcasting, represented by Media Prima Television Networks and Media Prima Audio, the Group posted a 12 monthly revenue of RM471.6 million and PAT 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% and 42% of the Malay and Chinese audiences, respectively, in the 12 months.

Overall, Media Prima Television Networks reached over 36% of Malaysia’s broadcast audience.

Content sales revenue increased by 25% 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.

The Group also released its results for the three months ended 31 December 2022, recording revenue of RM252.7 million and PAT of RM26.9 million.

Datuk Seri (Dr) Syed Hussian Aljunid, Group Chairman of Media Prima, said: “We are pleased with our 12 months performance which reaffirms the resilience of the Group 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 sound 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 more significant potential from our brands and businesses.

Moving forward, we will focus on our 3-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.”

The Group is pleased to share that Media Prima has embarked on a strategic 3-year business plan which focuses on three strategic pillars — content boost, inventories premiumisation, and new revenue streams — that leverage the Group’s strengths in technology, data, and talents. 

Rafiq Razali, Group Managing Director of Media Prima, said: “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 31 December to 30 June 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 3-year business plan.

Media Prima’s strategic 3-year business plan aims to drive business sustainability by leveraging our 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.”