Listed games developer CD Projekt had PLN 267.8 million (EUR 62.16 million) in EBITDA profit, according to calculations based on the company’s annual report. The result was 7.7% above expectations, as the consensus forecast was for PLN 248.7 million (EUR 57.75 million).
The parent company’s net profit in the last quarter of 2023 amounted to PLN 187 million (EUR 43.42 million), against the consensus of PLN 144.9 million (EUR 33.64 million).
According to the calculations, the company’s revenue in the last quarter of 2023 amounted to PLN 462.3 million (EUR 107.35 million), against a consensus of PLN 412.8 million (EUR 95.85 million).
The company reported that this was the second-best year in the history of the CD Projekt group. The group’s net profitability in 2023 was 39%.
Strong sales of Cyberpunk 2077 and the Phantom Liberty add-on, according to CD Projekt, drove revenue and net profit in 2023.
“The 2.0 update to Cyberpunk 2077 and the Phantom Liberty add-on released in September [2023] were well received by gamers and industry media, resulting in strong sales for both titles. In just over three years, our cumulative game sales revenue from the Cyberpunk franchise has exceeded PLN 3 billion [EUR 696.50 million], demonstrating the strong position of this IP,” Piotr Nielubowicz, CFO of CD Projekt, quoted in a press release, said.
“The success of Phantom Liberty and the rebuilding of positive sentiment around the base game are key to CD Projekt’s further development based on strong and recognizable brands,” he added.
“The strong financial position allows the group to focus on its ongoing development work. Currently, the most advanced production is ‘Polaris,’ which is the first game in the new Witcher trilogy, on which more than 400 people are already working,” the announcement said.
On Thursday, CD Projekt said that its board of directors recommended allocating nearly PLN 100 million (EUR 23.22 million) of its 2023 profit to the payment of dividends, which would yield a PLN 1 (EUR 0.23) dividend per share.
According to the calculations, the company’s revenue in the last quarter of 2023 amounted to PLN 462.3 million (EUR 107.35 million), against a consensus of PLN 412.8 million (EUR 95.85 million).
The company reported that this was the second-best year in the history of the CD Projekt group. The group’s net profitability in 2023 was 39%.
Strong sales of Cyberpunk 2077 and the Phantom Liberty add-on, according to CD Projekt, drove revenue and net profit in 2023.
“The 2.0 update to Cyberpunk 2077 and the Phantom Liberty add-on released in September [2023] were well received by gamers and industry media, resulting in strong sales for both titles. In just over three years, our cumulative game sales revenue from the Cyberpunk franchise has exceeded PLN 3 billion [EUR 696.50 million], demonstrating the strong position of this IP,” Piotr Nielubowicz, CFO of CD Projekt, quoted in a press release, said.
“The success of Phantom Liberty and the rebuilding of positive sentiment around the base game are key to CD Projekt’s further development based on strong and recognizable brands,” he added.
The company said that despite investing close to PLN 273 million (EUR 63.40 million) in the production of new titles and paying close to PLN 100 million (EUR 23.22 million) in dividends to shareholders, the group’s reserves in the form of cash, deposits, and government bonds had increased to over PLN 1.3 billion (EUR 301.85 million) by the end of 2023.Analiza wyników finansowych CD Projekt za 2023 r. IV kw. 2023 przyniósł zysk EBITDA na poziomie 267,8 mln zł, z zyskiem netto wynoszącym 187 mln zł, przekraczając oczekiwania analityków. Co kryje się za tymi liczbami? #CDR #Cyberpunk2077 #GamingFinance @CDPROJEKTRED_IR pic.twitter.com/58k7x9GgEM
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“The strong financial position allows the group to focus on its ongoing development work. Currently, the most advanced production is ‘Polaris,’ which is the first game in the new Witcher trilogy, on which more than 400 people are already working,” the announcement said.
On Thursday, CD Projekt said that its board of directors recommended allocating nearly PLN 100 million (EUR 23.22 million) of its 2023 profit to the payment of dividends, which would yield a PLN 1 (EUR 0.23) dividend per share.
