Media Prima turns in profit in nine months of FY21

Media Prima Bhd has posted a net profit of RM23.4 million for the nine months ended September 30, 2021 (9MFY21), reversing a net loss of RM36.2 million in the comparative period.

Group revenue increased eight per cent to RM804.3 million in 9MFY21 against RM743.5 million in 9MFY20, backed by stronger advertising revenue, supported by its sales arm Media Prima Omnia.

In a statement on November 25, 2021, Media Prima said its broadcasting segment posted a higher net profit of RM41.0 million from RM17.1 million in 9MFY20. This is on the back of RM326.0 million in revenue, a 32 per cent increase against the comparative period.

Revenue from content sales increased to RM29.1 million from RM8.7 million in 9MFY20, following the group’s successful collaborations with popular streaming platforms.

Revenue from the group’s digital arm REV Media Group grew 10 per cent to RM66.6 million in 9MFY21 on the back of an 11 per cent increase in advertising revenue.

The group’s publishing business, represented by The New Straits Times Press (NSTP), posted a profit of RM532,000 from a loss of RM26.9 million in 9MFY20. The revenue of NSTP decreased eight per cent in 9MFY21 mainly due to lower newspaper sales. This was offset by a 49 per cent revenue growth to RM14.4 million in 9MFY21 from its newspaper printing and distribution unit against 9MFY20.

In commerce, WOWSHOP’s 9MFY21 revenue remained steady, decreasing slightly to RM217.0 million against RM230.9 million in the corresponding period. WOWSHOP is working closely with Omnia to provide clients with packages which would encompass a combination of commercial air-time and commerce space.

Media Prima also announced results for the three months (Q3) ended September 30, 2021, recording its fifth consecutive quarterly profit since Q3 FY20.

The group posted a net profit of RM6.6 million in Q3 from the RM11.8 million net profit in the comparative period.

Group revenue dropped four per cent to RM257.3 million against RM268.8 million in Q3 FY20.

Nonetheless, the group held its position in the current quarter despite certain restrictions still in place to contain the Covid-19 pandemic.

Media Prima Group Chairman Datuk Seri Dr Syed Hussian Aljunid said the group had come a long way to post its fifth consecutive profit since Q3 FY20, driven by steady growth in advertising revenue.

“The trajectory of our advertising revenue gives us confidence that we made the right decision with Omnia which will integrate the group’s platforms and popular brands as part of its media solutions for advertisers. We remain confident with our performance in view of the rebound in advertising spending”, he said.

“With the gradual recovery of the Covid-19 situation in Malaysia and as the entire country moves into Phase Four of the National Recovery Plan, this gives us the potential to do more for our clients and audiences. Moving forward, we still have more to do to keep this momentum going. We will continue to push harder while keeping a close watch on operational efficiencies”, he added.

Media Prima Group Managing Director Rafiq Razali said the group ended Q3 with another set of strong results against a landscape of unprecedented market pressures. “Revenue from advertising, newspaper print and distribution and content sales has continued to grow while commerce revenue is steady amid increasing global competition. We are also pleased to see encouraging signs of recovery across our businesses such as NSTP which posted its second consecutive quarterly profit.”

“We are the leading media group in terms of mobile audience and third largest in terms of total digital audience reach. TV3 remains Malaysia’s leading television channel and among YouTube’s top 10 in terms of subscribers and video views in Malaysia. In content distribution, our shows are among the most watched on streaming platforms in Malaysia”, Rafiq added. “Barring unforeseen circumstances, we are bullish that we will reap the benefits of the initiatives we have executed at a larger scale next year.”

Source: New Straits Times

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