KUALA LUMPUR: Media Prima Bhd
is embarking on initiatives over the next three years to create sustainable long-term value for its stakeholders by leveraging its competitive advantages in data-driven technology and talents across its media platforms.
In a filing with Bursa Malaysia, the media group said it will explore new revenue streams and further opportunities in the online video streaming market.
"This is in line with the growing consumption of video content among viewers and the massive shift in advertising expenditure towards digital media platforms," it said.
In addition, Media Prima said it will also focus on boosting content across its diverse platforms while growing and enhancing its media inventory.
It said its marketing solutions arm, Omnia, will be crucial in driving its integrated marketing and creative solutions to advertisers.
"The group remains cautious of the challenges in 2023 and shall remain vigilant in monitoring business conditions whilst prudently managing its operating efficiency," it added.
Over the financial year ended Dec 31, 2022, Media Prima posted a net profit of RM51.86mil, representing an earnings per share of 4.68 sen, which was 6.11% lower than RM55.23mil in the previous corresponding quarter.
It said revenue over the 12-month period was RM997.88mil, 10.92% lower than RM1.12bil recorded in 2021.
While advertising revenue for the period was relatively on par with the comparative period, the group said the lower revenue contribution was from non-advertising segments.
By segment performance, the group reported revenue increases in its out-of-home, digital media and Omnia businesses and lower revenue contribution from broadcasting, publishing and home shopping.
In the fourth quarter of the year alone, Media Prima recorded a lower net profit of RM22.85mil against RM28.94mil in 4Q21.
The group's revenue fell 20.02% y-o-y to RM252.67mil on lower contributions from its non-advertising platforms, although this was mitigated by higher other operating income and better management of operating expenses.
