Media Prima Stays Resilient; Delivers Decent FY24 Performance Amid Economic Headwinds

Media Prima Berhad (“Media Prima” or the “Group”), Malaysia’s largest integrated media group, announced its results for the financial year (“FY24”) and fourth quarter ended 30 June 2024 (“4QFY24”). Despite a challenging economic environment, Media Prima continued to stay resilient, achieving a revenue of RM844.0 million for FY24.

The Group recorded a normalised profit after tax (“PAT”) (excluding exceptional items) of RM30.5 million, driven largely by enhanced operational efficiencies, venturing into the small and medium enterprise (“SME”) market and effective cost management initiatives.

In 4QFY24, the Group reported a revenue of RM193.1 million and a normalised PAT of RM2.6 million.

In FY24, Media Prima solidified its leadership position in the broadcasting sector, capturing over 50% of television viewership and 37%1 of radio listenership. Both TV3 and Hot FM continued their reign as the top broadcasters in their respective categories, underscoring the Group’s enduring popularity.

Revenue from the broadcasting segment of RM376.4 million was driven by a strong performance from Media Prima Audio, contributing to the overall positive results for FY24.

The New Straits Times Press delivered encouraging results, driven by improvements in operational efficiencies and robust performance in newspaper advertising, printing, and distribution streams. This translated into a segment revenue of RM120.7 million and segment PAT of RM22.9 million for FY24.

Meanwhile, the Group’s out-of-home advertising arm, Big Tree, also demonstrated growth, achieving a FY24 revenue of RM121.4 million. This success was fueled by the strategic rollout of several new digital sites, showcasing the Group’s commitment to innovation and adapting to evolving market trends.

Datuk Seri (Dr) Syed Hussian Aljunid, Group Chairman of Media Prima, said:

“Media Prima 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 added that Media Prima’s Board of Directors has declared a first and final single-tier dividend of 1.5 sen per ordinary share for the financial year ended 30 June 2024. Rafiq Razali, Group Managing Director of Media Prima, said:

“Our ability to persevere amid a rapidly evolving media landscape demonstrates our unwavering dedication to our audiences and clients. Global economic uncertainties and conflicts have had a massive impact on major advertisers’ spending. Nonetheless, our strategic move to focus on new market areas, such as tapping into the small and medium enterprise segment has helped cushion the impact.

This segment yielded a 20% revenue growth compared to the previous financial year. Our continued dominance in broadcasting, coupled with growth in out-of-home advertising and publishing, underscores the strength of our brands and the effectiveness of our strategies.”

Media Prima’s commitment extends beyond commercial success, with a steadfast dedication to corporate social responsibility initiatives. Over RM2.9 million in public donations supported local community development and medical assistance programmes.

Additionally, through the Tabung Kemanusiaan Palestin Media Prima, over RM1.9 million was channelled to reputable non-governmental organisations, providing crucial healthcare, food security, and shelter for victims of the war in Palestine.

Furthermore, Media Prima is building its decarbonisation strategy to identify and manage climate risks. This data-driven understanding shall assist the Group in developing a comprehensive emissions reduction roadmap, solidifying Media Prima’s commitment to long-term sustainability.