KUALA LUMPUR: Media Prima Bhd, Malaysia's leading and largest independent media group, posted a net profit of RM27.9 million for the nine-month period ended Mar 31, 2024 (9MFY24) on improved operational efficiencies, cost optimisations, and increased other operating income, amid cuts in spending by several major advertisers.
In the face of a challenging economic landscape and geopolitical uncertainties, Media Prima achieved a nine-month revenue of RM650.9 million.
For the third quarter ended Mar 31, 2024, Media Prima recorded a net profit of RM1.9 million on RM213.2 million revenue.
The financial year end of the group was changed from Dec 31, to June 30.
Media Prima's continued dominance in broadcasting, especially with Hot FM retaining its position as the top Malay Commercial Radio Brand with over 3.8 million listeners, reinforces the group's strong market position among audiences. Molek FM's increased listenership in Pahang, Terengganu, and Kelantan further solidifies Media Prima's broad reach and digital strength, positioning the group for continued growth.
"The media landscape is prone to economic uncertainties and political upheavals on a global scale. While the challenges are likely to persist in the foreseeable future, the group remains committed to charting a path towards future growth. Our three-year business plan serves as a comprehensive roadmap, underscoring unparalleled value for audiences and advertisers.
The strategic leveraging of brand strengths, coupled with prudent cost management, will ensure the group's success and alignment with stakeholder expectations," Media Prima group chairman Datuk Seri Syed Hussian Aljunid said in a statement today.
Media Prima group managing director, Rafiq Razali said the group's performance amid global uncertainties is testament to its ability to remain resilient by enhancing internal procedures, optimising platform potential through inventory premiumisation and content boost, while pursuing new revenue sources.
"The group recognises the significance of the domestic advertising landscape and underlines the necessity for vigilant oversight of operational and cost parameters. Furthermore, the group will continue to deliver innovative solutions and compelling content across diverse media platforms to cater to advertisers' needs effectively," he added.
