KUALA LUMPUR: Media Prima Bhd swung to the black with a net profit of RM55.23mil in the financial year ended Dec 31, 2021, compared to a net loss of RM18.38mil in the previous year.

       The group reported revenue of RM1.12bil, which was 7.55% higher than RM1.04bil in the previous year due largely to growth in advertising revenue by sales from the Omnia segment.

       In a bourse filing, the group said Omnia, an integrated marketing solutions provider, recorded a 79% year-on-year increase in revenue in line with higher advertising revenue and the out-of-home advertising sales arm being consolidated under the segment in the second half of 2021.

       The board declared a first and final dividend of 1.5 sen per share with entitlement date on May 4, 2022, and payable on May 20, 2022.

       In the fourth quarter, Media Prime recorded a net profit of RM28.94mil, a 53.64% improvement over RM18.84mil in the previous corresponding quarter

       The group reported revenue of RM315.9mil, which was 6% higher from RM298.09mil in the same quarter a year ago due to strong advertising sales from early marketing campaigns for the Chinese New Year festive period.

       "Moving forward, the group will focus on sustaining the performance by accelerating revenue generating efforts for our advertising, digital and commerce businesses whilst continuously monitoring our cost management initiatives.

       "The Group will continue to look out for more strategic collaborations to grow further, while elevating its competitive advantage," it said.