However, Q4 FY2022 net profit dropped 4.6% to RM26.88 million from RM28.18 million in the corresponding quarter in FY2021, according to its filing with Bursa Malaysia today.

Revenue for FY2022 dropped 10.91% to RM997.87 million from RM1.12 billion in FY2021 while revenue for the latest quarter saw a 20% decline to RM252.67 million from RM315.9 million in Q4 FY2021.

No dividend was declared by the board for Q4 FY2022.

Increase in advertising revenue

In a statement today, the group said it saw better advertising revenue from its businesses, posting RM748.9 million for the 12 months.

Its out-of-home business, Big Tree, recorded a profit after tax of RM7.2 million for the 12 months in review, reversing its loss of RM36.2 million in the comparative period.

REV Media Group’s PAT increased by 46% to RM17.5 million in FY2022 from RM12 million the previous year, driven by a 7% growth in advertising revenue.

For its broadcasting arm (Media Prima Television Networks and Media Prima Audio), the group recorded a 12-month revenue of RM471.6 million with a net profit of RM68 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-month period,” it said, adding Media Prima Television Networks reached over 36% of Malaysia’s broadcast audience.

As for content sales, revenue rose by 25% to RM54.1 million in FY2022. It said content production and distribution arm Primeworks Studios will be investing more into content for television and streaming platforms.

Resilient in the face of headwinds

Group chairman Syed Hussian Aljunid was pleased with this performance as it reaffirms “the resilience of Media Prima in the face of headwinds”.

“This includes posting our second consecutive 12 months profit and maintaining our leadership positions across our businesses. We reaffirmed our commitment to good environmental, social and governance practices,” he said.

“Nonetheless, we can do more as a leading integrated media company to unlock greater potential from our brands and businesses,” he added.

Moving forward, Syed Hussian said the group will be focusing on their three-year business plan to take Media Prima to greater heights and will keep a close watch on operational efficiencies to ensure long-term shareholder value.

Fast-changing media landscape

Group MD Rafiq Razali said the results show 2022 was more challenging for the group, and media providers must quickly respond to the fast-changing competitive landscape.

“Media Prima’s strategic three-year business plan aims to drive business sustainability by leveraging our competitive advantages as a leading integrated media company.

“We believe these initiatives will give the group a competitive edge, secure high-value clients and projects, and achieve income diversification.”

In its filing with Bursa Malaysia, the group said it remains cautious of the challenges in 2023, and will vigilantly monitor business conditions, whilst prudently managing its operating efficiency.

The media giant will be exploring new revenue streams, and further opportunities in the online video streaming market. This is in line with growing consumption of video content among viewers and the massive shift in advertising expenditure towards digital media platforms, it said.

Media Prima closed 1.5 sen, or 3.3% lower, at 45 sen, giving it a market capitalisation of RM493.71 million.