FY22 revenue supported by advertising demand recovery, further boosted by the Group’s larger OOH portfolio
Kuala Lumpur, 28 February 2023 – Main Market-listed leading provider of outdoor advertising services, Seni Jaya Corporation Berhad (“Seni Jaya” or the “Group”) (“盛艺集团”) has today announced its fourth quarter (“4QFY22”) and full year financial results for the period ended 31 December 2022 (“FY22”).
Revenue for the financial year under review jumped 4.3 folds to RM37.9 million from RM8.7 million posted in FY21. The strong YoY improvement was driven by the demand recovery for out-of-home (“OOH”) advertising on the back of increase in outdoor foot and car traffic post-pandemic. This was further boosted by Seni Jaya’s larger OOH portfolio following inclusions of additional assets via acquisitions as well as through construction of new billboards.
Meanwhile, Seni Jaya’s FY22 profit after tax and non-controlling interest (“net profit”) swung back to the black with a net profit of RM7.0 million versus a net loss of RM17.2 million in the previous year. The strong bottom-line rebound was in line with the higher revenue achieved, coupled with gain on disposal of properties as well as the absence of an impairment loss incurred in FY21.
Chief Executive Officer (“CEO”) of Seni Jaya, Mr. Cheah See Heong (“Jeff Cheah”) (“谢诗峰”) said, “Driven by the OOH advertising demand recovery, we are pleased with the commendable set of results and concluded FY22 on a positive tone. It is also noteworthy to mention that our 4QFY22 revenue of RM12.2 million surpassed the RM10 million-mark – a first in our recent corporate history, which is an improvement of 186.2% YoY. This demonstrates that our transformation journey is moving in the right direction, and we have begun to reap the benefits, with more yet to come.”
“We have made meaningful progress on our transformation journey and managed to build a wide and comprehensive portfolio of OOH assets. Forging ahead, the Group will continue to expand our portfolio for our key markets, enhance our market presence and further digitalize our assets. While we expect the market uncertainties to remain elevated, we see pockets of opportunities that we can capitalize on, especially given the favourable industry trend ahead. On balance, the prospects of Seni Jaya continue to be promising premised upon the strategic place we have in place and looks forward to a better year in FY23,” Jeff Cheah concluded.