In the second quarter of 2024, the Gremi Media group generated PLN 26.43 million, up 6.9 percent over a year ago (PLN 24.73 million). Cash receipts increased year-on-year from PLN 23.37 to PLN 23.96 million, and those from barter transactions – from PLN 2.35 to PLN 2.47 million.
The company does not provide a detailed breakdown of its revenues between those from the sale of print and digital press titles and those from advertising. In the report just reported that its revenues from e-commerce (including digital subscriptions) increased by more than 48% year over year. – Based on the analyses carried out and the strategies developed, the team of experts optimizes Gremi Media’s subscription model, constantly increasing the publisher’s subscriber base. This goal is achieved by increasing the effectiveness of marketing activities, accurately adapting and developing the product offering and technological improvements – it was calculated.
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Gremi Media mainly publishes the daily newspapers “Rzeczpospolita” and “Parkiet” and the monthly “Uzywam Rze Historia”. According to data from Polish Readership Research, in the second quarter of this year. Average total sales of “Rzeczpospolita” decreased year-on-year by 18.03 percent. up to 25,220 copies, and “Parkiet” – by 12.65 percent. up to 2,893 copies https://www.wirtualnemedia.pl/artykul/gazeta-wyborcza-wyniki-sprzedazy-napopular-dzienniki-super-express-ii-kwartal-2024-r The company also owns 78.15 percent. shares of E-Kiosk selling newspapers and books in digital version.
The quarterly sales costs of Gremi Media group in the last quarter increased year-on-year from PLN 6.12 to PLN 7.1 million, and general and administrative costs – from PLN 3.12 to PLN 3.34 million. However, the company managed to reduce other operating expenses (from PLN 257,000 to PLN 145,000) and financial expenses (from PLN 313,000 to PLN 210,000).
The publisher’s profit at the adjusted EBITDA level increased from PLN 3.46 to PLN 5.11 million, operating profit – from PLN 2.13 to PLN 3.36 million, and net profit – from PLN 1.74 to PLN 2.5 million.. Previously, the company made more net profit in Q4 2022 – PLN 2.99 million on PLN 27.69 million in revenue.
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Over the first half of 2024, Gremi Media group’s revenues increased from PLN 46.27 to PLN 49.11 million, adjusted EBITDA – from PLN 5.19 to PLN 7.96 million and net profit – from PLN 1.53 to PLN 3.15 million
On the other hand In Q2 2024, E-Kiosk increased annual revenues from PLN 6.43 to PLN 6.69 million. Its adjusted EBITDA increased from PLN 1.82 to PLN 1.95 million, while operating profit decreased from PLN 1.27 million to PLN 806 thousand. PLN and net profit – from PLN 780 to PLN 658 thousand. zloty.
On Wednesday, at the end of trading The price of one Gremi Media share was PLN 55, which gives a capitalization of PLN 101.14 million. Over the past 12 months, the company’s share price has decreased by 51%, of which 50% since the beginning of January.
Its main shareholder is Pluralis, a company associated with the Goerge Soros fund (it holds shares that constitute 38.62% of the capital and 36.62% of the votes at the general meeting), and the smaller packages belong to the KCI holding controlled by Grzegorz Hajdarowicz (19.21% of the capital and 21.2 percent of the votes at the general meeting) and the Hungarian company Central International (13.43 percent of the capital and 20.38 percent of the votes at the general meeting).
