CD Projekt Capital Group in the second quarter of 2024, it reached PLN 198 million in revenues, up 31.6 percent over a year ago. However, in the entire first half of this year, revenues increased by 30.6 percent year-on-year. up to PLN 424.81 million
The company’s announcement indicated that this was primarily the result of sales of “Cyberpunk 2077” released last fall, with the addition of “The Phantom of Liberty.”
“Cyberpunk 2077” is sold with “The Phantom of Liberty”
The CD Projekt RED segment, responsible for game production, generated PLN 344.95 million in revenue and PLN 168.83 million in net profit in the last half year, compared to PLN 244.27 million in revenue and PLN 90.37 million in profit a year earlier. Sales of the company’s own games increased from PLN 236.59 to PLN 339.67 million.
On the other hand GOG.com platform improved net profitability with an increase in half-year revenues from PLN 84.52 to PLN 87.67 million from PLN 141 thousand loss to PLN 1.03 million profit.
It’s definitely the biggest market for the CD Projekt group. North America. In the last half year, revenues reached PLN 297.72 million (70 percent of the company’s total revenues), compared to PLN 210.62 million a year earlier. The increase is mainly due to increased sales of “Cyberpunk 2077”.
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CD Projekt is also trying to maintain the popularity of its previous titles. In May this year, it released REDkit – an editor for “The Witcher 3: Wild Hunt”, allowing users to create their own adventures in the universe of this game.
– Already a few months after making the developer toolset available to players, we see a lot of interesting modding projects. We are happy to see an engaged gaming community that shares its ideas and gives new strength to “The Witcher 3” – a game that will celebrate its 10th anniversary of release next year – comments Michał Nowakowski, Deputy CEO of the company.
In the second quarter of this year, CD Projekt Group achieved PLN 88.7 million in EBITDA, 44.8 percent EBITDA margin, PLN 58.9 million in operating profit and PLN 69.9 million in net profit of the parent company. This exceeded analysts’ forecasts. respondents interviewed by PAP Biznes, who expected PLN 85 million in profit and 42.1 percent margin at the EBITDA level, PLN 55.9 million in operating profit and PLN 63.4 million in net profit of the parent company.
Over the first half of the year, the company’s operating profit increased year-on-year from PLN 97.89 to PLN 140.22 million, and net profit almost doubled from PLN 90.22 to PLN 170.01 million.
CD Projekt earns more from titles
The company’s profitability has improved significantly financial costs decrease from PLN 29.97 to PLN 8.83 million. In the first half of last year this column was charged mainly with PLN 29.13 million from the surplus of negative exchange rate differences (in the last half of the year it was only PLN 2.95 million).
However, infinancial flows decreased much less – from PLN 51.61 million to PLN 43.46 million. This is mainly due to a decrease from PLN 23.63 million to PLN 2.87 million in income from the settlement and valuation of derivative financial instruments. However, interest income on short-term deposits increased from PLN 8.34 million to PLN 18.33 million.
CD Projekt has a lot of money to make in this area. At the end of June this year, the company’s financial assets amounted to PLN 1.5 billion, compared to PLN 1.57 billion at the end of December last year. In half a year, the amount of Polish state treasury bonds it held increased from PLN 568.71 to PLN 646.18 million, debt securities of other countries – from PLN 224.48 to PLN 229.32 million, and bank deposits for more than three months – from PLN 338.2 to PLN 340.84 million..
– In addition to very good financial results, almost 90% higher than in the previous year, in the first half of 2024 we also recorded an increase in our financial reserves. Despite the payment of almost PLN 100 million in dividends to shareholders and the allocation of more than PLN 150 million for project development, they increased by more than PLN 55 million during this period – notes Piotr Nielubowicz, CFO of CD Projekt.
Over 400 developers are preparing a Polaris game
In the last half year, CD Projekt Group has allocated PLN 45.92 million for research work, compared to just PLN 3.27 million a year earlier. – Work on Polaris is progressing – the team responsible for developing the game is getting closer and closer to reaching an important milestone that will end the pre-production phase. The first half of the year was also an intense period for our studio in Boston, where we are laying the foundations for Orion, another game in the Cyberpunk world – describes Michał Nowakowski.
From the end of April to the end of July this year, the number of developers working on Polaris increased from 407 to 410, and those preparing Orion – from 56 to 60.
