Media Prima records profit on higher advertising revenue

The media group recorded a PAT of RM16.8m as revenue increased by 15% to RM547m

by HARIZAH KAMEL / Pic by TMR GRAPHIC

MEDIA Prima Bhd stated higher advertising revenue saw its post a RM13.42 million net profit or 1.21 sen earnings per share for the second quarter ended June 30, 2021 (2Q21), compared to a net loss of RM20.11 million it suffered in 2Q20.

Revenue for the quarter grew by 23.77% to RM292.4 million from RM236.3 million in 2Q20.

For the first half of the financial year 2021 (1H21), the media group recorded a profit after tax (PAT) of RM16.8 million as revenue increased by 15% to RM547 million, attributed to higher advertising revenue which increased by 22%, led by the success of its integrated sales business Media Prima Omnia.

Revenue from its broadcasting segment increased by 43%, led by a significant growth in television advertising revenue, its exchange filing yesterday noted.

Media Prima Television Networks remains Malaysia’s leading television network, commanding over 35% of television audience share.

Media Prima’s digital arm, REV Media Group’s revenue grew by 11% to RM41.7 million in 1H21 against RM37.7 million in 1H20.

The group’s publishing segment, the New Straits Times Press (NSTP), defended its 1H21 overall revenue despite continuous challenges affecting the industry and posted a slight revenue decrease of 4% due to lower newspaper sales, but higher newspaper printing and distribution revenue.

NSTP posted a PAT of RM1.1 million, driven by a 50% increase in advertising revenue against 2Q20 and supported by a more optimal cost structure.

In content sales, Media Prima recorded RM20.7 million from RM5 million following Media Prima Television Networks and Primeworks Studios’ collaborations with popular streaming platforms Disney+ Hotstar, iQiyi and WeTV.

“We are pleased with our 1H21 performance — despite the impact of Covid-19, our momentum is strong and we see encouraging signs of recovery for some segments. Advertising revenue increased across the group, particularly in television advertising,” said group ED Rafiq Razali said in a statement yesterday.