PETALING JAYA: Star Media Group Bhd (SMG) is aiming for revenue growth in 2022, driven by product improvement efforts, customer engagement and more event-related activities.
SMG group chief executive officer Alex Yeow noted that the group saw a strong improvement in revenue in the fourth quarter of 2021, due to “better market conditions, and also a lot of initiatives that we implemented last year”.
“Those new initiatives generated better revenue streams for us, and we also did a lot in terms of team restructuring, transformation and motivation.
“All these have helped. There’s no shortcut. It’s not a single effort that has led to the improvement in revenue and performance,” he said after the group’s 50th AGM, which was conducted online.
Yeow also pointed out that traffic growth for Majoriti has been impressive.
“As a new Bahasa Malaysia news portal, Majoriti has started to deliver some revenue,” he said.
Yeow added that the group would continue to diversify into non-media businesses such as property-related ventures.
He said the group is presently planning its maiden property development project in Bukit Jelutong, Shah Alam, which would have an estimated gross development value of RM140mil.
Regarding challenges, Yeow said apart from the uncertainty caused by the Russia-Ukraine war, the global economy is facing inflationary pressures as well as a potential recession.
“If a recession hits the world economy, I don’t think anyone can be spared. We are mindful about that, and while we work to continue to improve our revenue, we are also ready to face the worst-case scenario,” he said.
Meanwhile, SMG chairman Tan Sri Chor Chee Heung said: “The board and management will always look for opportunities, aside from the existing business portfolio.”
“During the last two years and the Covid-19 pandemic, the management has innovated and delivered, and I’m sure they are going to deliver more to the shareholders,” said Chor.
In its report for the fourth quarter ended Dec 31, 2021, the group said it would remain focused on its digital transformation initiatives and strategies across all media platforms, and continue to improve its operational efficiencies as well as venture into property development in order to maximise the value of the land assets.
The group is also on the lookout for merger and acquisition opportunities as well as to penetrate into new businesses that have a promising outlook.