Catcha Digital's iMedia announces record profits for subsidiary iMedia

Advertising and digital media company, Catcha Digital revealed that its wholly-owned subsidiary, iMedia Asia has recorded record profit and excellent growth in 2022. 

Additionally, it has launched an abridged prospectus in relation to a renounceable rights issue involving the issuance of up to 174,640,020 new ordinary shares in Catcha Digital. This is the company’s final step in its regularisation plan. Upon completion of the plan, the company will have its GN2 status lifted. 

This is on the basis of one rights share for every existing Catcha Digital share held by the entitled shareholders at an issue price for each ‘Rights Share’ fixed at RM0.235, to raise up to RM41.04 million, with RM18.00 million already committed by its major shareholder, Catcha Group.

Despite volatile market conditions, iMedia recorded a ‘profit before tax’ (PBT) of RM10.28 million in financial year end (FYE) 2022, representing year-on-year growth of approximately 69%. This growth has continued in 2023, where in the first quarter ended 31 March 2023, the PBT grew by approximately 28% compared to the same period last year to reach RM3.89 million for the first quarter of 2023. iMedia reaches over 13.1 million Malaysians each month, as of 31 May 2023, via its portfolio of digital marketing platforms and services over 100 brands across multiple industries, as stated by the media company.

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"I have worked with the team behind iMedia for over 20 years, and I am thrilled to witness the remarkable growth and achievements they have accomplished. The team’s expertise and dedication have solidified their position as an industry leader in the digital media landscape. The remarkable financial performance reflects our unwavering commitment to delivering sustainable growth and creating long-term value for our shareholders,” said Patrick YKin Grove, Chairman of Catcha Digital.

The rights issue presents a compelling opportunity for valued shareholders to actively participate in the growth of Catcha Digital, stated Eric Tan, group CEO of Catcha Digital. 

“With an attractively priced offering, we believe this is an opportune moment to capitalise on the Company's potential as we ride the fast-growing wave of digitalisation. We are at the beginning of Catcha Digital’s expansion journey and we are determined to accelerate our growth trajectory and actively pursue highly accretive investment opportunities that align with our strategic objectives,” he explained. 

He went on to add that its aim is to attract the best digital and software companies to collaborate with it, consolidating its position as the industry leader in Southeast Asia thus creating sustainable value for all stakeholders. 

Catcha Digital completed the entire equity interest acquisition of iMedia Asia in a transaction valued at approximately RM43.92 million in cash and shares. This acquisition follows the appointment of Patrick Ykin Grove as its new chairman on 1 March 2023. Catcha Digital now owns fast-growing integrated digital media solutions provider, with a portfolio of digital marketing platforms.

On the leadership front, the company recently appointed Shireen Chia Yin Ting as its new independent non-executive director. 

Chia succeeds Grove, who was promoted to chairman in March this year.

Chia was previously the chief financial officer of MYAirline, a Malaysian startup airline while double hatting the role of independent non-executive director at Securemetric, a digital security solutions company, as stated in a release to the press.

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