KUALA LUMPUR: Seni Jaya Corporation Bhd (SJC) returns to the black with a net profit of RM0.48 million for the fourth quarter (Q4) ended December 31, 2022 (FY22) as compared to a net loss of RM11.36 million posted on the same quarter last year.
For Q4, the company recorded a revenue of RM12.24 million year-on-year (YoY) compared to RM4.28 million same quarter last year.
For FY22, SJC's revenue jumped 4.3 folds to RM37.9 million from RM8.7 million posted in FY21.
The demand recovery drove the strong YoY improvement for out-of-home (OOH) advertising on the back of the increase in outdoor foot and car traffic post-pandemic.
SJC's more extensive OOH portfolio further boosted this following the inclusion of additional assets via acquisitions and by constructing new billboards.
SJC's FY22 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 solid bottom-line rebound was in line with the higher revenue achieved, coupled with gain on the disposal of properties and the absence of an impairment loss incurred in FY21.
Chief executive officer Cheah See Heong said that driven by the OOH advertising demand recovery, the company's transformation journey is moving in the right direction and has begun to reap the benefits.
"We have made meaningful progress on our transformation journey and managed to build a wide and comprehensive portfolio of OOH assets.
"While we expect the market uncertainties to remain elevated, we see pockets of opportunities we can capitalise on, especially given the favourable industry trend ahead.
"On balance, the prospects of SJC continue to be promising premised upon the strategic place we have in place and looks forward to a better year in FY23," Cheah said.