KUALA LUMPUR (Aug 28): Media Prima Bhd (KL:MEDIA), the media group which publishes the New Straits Times, Berita Harian and Harian Metro and owns television channels TV3, 8TV, ntv7 and TV9, posted a net profit of RM33.21 million for the fourth quarter ended June 30, 2024 (4QFY2024), up 3.76 times from the RM8.83 million recorded in the same period a year ago (4QFY2023), due to a reversal of accruals for site occupancy fee pursuant to the termination of an advertising agreement.

Net profit for 4QFY2024 was 13.47 times higher than the RM2.47 million recorded in 3QFY2024. In August 2022, the group changed its financial year end from Dec 31 to June 30.

Media Prima said stripping off the exceptional item, the group recorded a normalised net profit of RM2.6 million in 4QFY2024.

This resulted in a higher earnings per share of 2.99 sen for 4QFY2024, compared with 0.8 sen a year earlier.

Revenue for 4QFY2024 was RM193.1 million, down 17.1% from RM223.01 million a year earlier. Quarterly revenue was also down by 9.4% against the RM213.22 million recorded in 3QFY2024, as consumer sentiment against certain large global brands amid continuous geopolitical tensions impacted their advertisement spending.

“Prudent cost management initiatives, nonetheless, softened the impact of the lower revenue,” said Media Prima in a filing with Bursa Malaysia on Wednesday.

Media Prima declared a first and final dividend of 1.5 sen per share for the financial year ended June 30, 2024 (FY2024), payable on Oct 7.

For the cumulative 12-month period (FY2024), the group posted a net profit of RM60.45 million, on revenue of RM844.02 million. Media Prima noted that its advertising and commerce revenue for FY2024 continued to be impacted by challenging market conditions.

Media Prima said excluding the reversal of accruals, the group recorded a normalised net profit of RM30.5 million.

In a separate statement on Wednesday, Media Prima said that it managed to solidify its leadership position in the broadcasting sector in FY2024, capturing over 50% of television viewership and 37% of radio listenership.

“Both TV3 and Hot FM1 continued their reign as the top broadcasters in their respective categories, underscoring the group’s enduring popularity. Revenue from the broadcasting segment of RM376.4 million was driven by a strong performance from Media Prima Audio, contributing to the overall positive results for FY2024,” it added.

Media Prima said the outlook for FY2025 remains challenging, as the advertising market remains susceptible to the economic and geopolitical uncertainties.

“The group will continue to focus on sustaining its performance across all platforms and optimising operational efficiencies to support our three-year business plan, guided by three growth pillars — content quality boost, inventory premiumisation, and exploration of new revenue streams. The strategic roadmap underscores our commitment to continuously deliver value to shareholders, solidifying business operations and capitalising on our strength as an integrated media group,” it added.

At 3.23pm on Wednesday, Media Prima shares were traded 0.5 sen or 1.05% higher at 48 sen, giving it a market capitalisation of RM532.42 million. A total of 343,900 shares were done. The stock has risen 4.35% so far this year.