Star Media resumes dividend payout with proposed one sen for FY2022

KUALA LUMPUR (March 21): Star Media Group Bhd has proposed to pay a first and final dividend of one sen per share in respect of the financial year ended Dec 31, 2022 (FY2022), subject to shareholders' approval in the upcoming annual general meeting.

The details of entitlement and payment dates will be fixed and announced in due course, the media group said in a bourse filing on Tuesday (March 21).

The group did not pay any dividends for FY2021 and FY2020, when it was loss-making. Its last dividend payout was two sen for FY2019.

Star Media returned to the black in FY2022, with a net profit of RM6.92 million — from a net loss of RM132.36 million for FY2021 — as revenue increased 15.95% to RM216.96 million from RM187.11 million. The loss it incurred in FY2021 was mainly due to the impairment of property, plant and equipment of RM71.6 million, and a RM50.5 million reversal of compensation income.

Meanwhile, MCA has been steadily increasing its shareholding in Star Media since August 2022, having raised its stake by 9.29 million shares or 1.27% to 327.46 million shares representing 45.18%. Prior to August 2022, MCA held 318.167 million shares or a 43.89% stake.