AYISY YUSOFnews@nst.com.myKUALA LUMPUR: MEDIA Prima Bhd (MPB) posted a net profit of RM18.1 million in the fourth quarter ended Dec 31, 2020, reversing the RM106.3 million net loss a year ago. The solid results mark MPB’s second consecutive quarterly profit. It registered a net profit of RM11.8 million in the third quarter of last year. These reflected the encouraging results of its business transformation efforts initiated in early 2020, said MPB yesterday. Despite an unprecedentedly challenging environment, it said it had defended group revenue for the full year at RM1.04 billion, against RM1.11 billion in the previous corresponding period. Losses were reduced by 90 per cent to RM18.1 million in financial year 2020, from RM185.5 million in financial year 2019. The improvement is due to lower operating expenses achieved through cost optimisation initiatives. MPB group chairman Datuk Syed Hussian Aljunid said last year was a uniquely challenging one. “However, MPB stood strong during this turmoil. We are grateful to have been able to provide our audiences with a source of comfort and connection while continuing to make good progress with our businesses. “Our performance during the third and fourth quarters of the financial year 2020 showcased the effectiveness of the group’s business transformation exercise. Nonetheless, we are mindful of the risks we may encounter in the short to medium term arising from the Covid-19 pandemic, and will continue striving for operational efficiency.” Group managing director Datuk Iskandar Mizal Mahmood said the strategic actions to transform the group, driven by its dedicated team, had made it possible to end the year on a positive note. “We demonstrated our resilience and creativity within the new normal with the successful virtual stagings of Karnival Jom Heboh and Anugerah Bintang Popular BH. It is the team’s steadfast will and agility in this fast-changing environment that will fuel our success. “On the community front, we launched the Bantuan Kemanusiaan Covid-19 fundraising campaign to assist our hospitals in treating patients affected by this pandemic. Thanks to the generosity of Malaysians, RM1.8 million benefitted over 20 hospitals around the nation. We are grateful to all donors both big and small, and are committed to doing more to help during these difficult times.” Iskandar believes MPB has the right foundation to further grow its business this year and beyond. “While we continue to defend our traditional businesses, we will embark on targeted initiatives where revenue visibilities are clear and in line with known megatrends. We remain committed to improving operational efficiencies through unlocking synergies across its media platforms,” he added. MPB’s digital media arm, REV Media Group, recorded a net profit of RM10.8 million in the financial year 2020 from RM1.7 million a year ago. Its full-year revenue increased 21 per cent to RM90.1 million from RM74.4 million in financial year 2019, an encouraging development following the consolidation of all group digital assets under REV Media to achieve synergies and solidify its market position. Meanwhile, WOWSHOP recorded a sterling performance, going into profitability for the first time since its inception in 2016. It posted a net profit of RM10.2 million in the financial year 2020 on the back of a 33 per cent increase in revenue (RM308.9 million for the same period) from the previous year. This was fuelled by an attractive product mix and the popularity of Media Prima Television Networks, which commands over 36 per cent of the total audience share. WOWSHOP registered 750,000 new customers in 2020, a 40 per cent increase, bringing the total number of registered customers since its launch to 2.3 million. Sales from e-commerce and mobile commerce platforms grew to over 54 per cent of total sales in the financial year 2020. Despite the movement restrictions due to the pandemic, the group staged the 33rd edition of Anugerah Bintang Popular BH (ABPBH 33) and the Lazada 11.11 Super Show virtually, with no audience but with adherence to safety protocols during production. ABPBH 33 garnered 43 per cent of television audience share and over 700,000 views on YouTube compared with 104,000 views in the previous edition. The Lazada 11.11 Super Show was the group’s third collaboration with the popular e-commerce business, and it represents one of the largest branded content initiatives in the country. MPB has previously entered into collaborations with popular platforms, such as iflix, Netflix, and Viu. As streaming providers demand more local content, the group, being the nation’s largest content provider, has recently signed collaborative agreements with iQiyi and WeTV. In the spirit of #KitaJagaKita, Primeworks Studios and WAU Animation teamed up again with MISI:JUANG, released in December. The Ejen Ali short film, dedicated to frontliners and their heroic efforts to combat Covid-19, garnered over a million views in less than 24 hours after its launch. |