KUALA LUMPUR, 8 July 2020 – Media Prima Berhad (“Media Prima” or the “Group”), Malaysia’s largest integrated media group, announced today at its 19th Annual General Meeting (“AGM”) that all resolutions set out in the Notice of AGM dated 10 June 2020, and tabled at the 19th AGM, were duly passed by the shareholders of the Group.
In light of the Covid-19 pandemic and to prioritise the safety and health of our shareholders and employees, the AGM was conducted on a fully virtual basis through a live webcast and online remote voting using the Remote Participation and Voting Facilities (“virtual AGM”). The results were validated by independent scrutineers appointed by Media Prima. This was in-line with the Guidance on the Conduct of General Meetings for Listed Issuers issued by the Securities Commission Malaysia.
Media Prima also recently announced its financial results for the first quarter ended 31 March 2020 (“1QFY20”) which continued to be affected by industry challenges exacerbated by the impact of the Covid-19 pandemic on the economy. The Group posted a revenue of RM238.4 million in 1QFY20 which represents a marginal decline from RM239.1 million in the corresponding period (“1QFY19”). Media Prima narrowed its net loss after tax (“LAT”) to RM30.0 million in 1QFY20 on the back of cost management initiatives, compared to a LAT of RM42.8 million in 1QFY19.
Group digital revenue improved by 9% to RM18.9 million on the back of a 12% digital advertising growth against the comparative period. In the period under review, Media Prima remained the most popular choice for mobile content in Malaysia, and ranks third highest for overall digital audience reach behind Google Sites and Facebook.
Commerce revenue grew 24% in 1QFY20, driven by Media Prima’s home shopping network CJ Wow Shop which recorded an 18% revenue increase and a 27% increase in customers. CJ Wow Shop has expanded its online reach with its web and mobile platforms contributing to 42% of its 1QFY20 total sales.
Group Chairman, Datuk (Dr) Syed Hussian Aljunid, said: “The Covid-19 pandemic and the resulting Movement Control Order (“MCO”) to curb its spread have disrupted so many businesses over the last few months. Nonetheless, Media Prima has focused its efforts to mitigate the impact of the pandemic and tougher operating environment. We expect these harder operating conditions to persist in the coming months, and will continuously review our operations and adapt to ensure the Group’s sustainability during these challenging times.”
Group Managing Director, Dato’ Iskandar Mizal Mahmood, added: “We believe that our 1QFY20 performance demonstrates that we are heading in the right direction to become a more resilient company. Our recently launched integrated sales approach via Media Prima Omnia, has enabled innovative collaborations with big brands even during the MCO. In addition, we have expedited our next transformation phase which involves revising revenue models, improving costs and operational efficiencies, while delivering more effective solutions across our media platforms. The transformation aims to make our business more robust and sustainable, and to continue delivering the best for our audience, advertisers and partners. Overall, 2020 will be an exciting year for Media Prima as many changes and improvements will be made from a structural, operational, and capacity perspective.”
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