PETALING JAYA: Integrated digital media group iMedia Asia Sdn Bhd registered a healthy profit after tax and minority interests (patami) for the first quarter ended March 31, 2021 (Q1’21) with unaudited revenue showing an 81% increase versus Q1’20 amid Covid-19, thanks to continuous improvements on products and ideas.
iMedia said it surpassed its budget for Q1’21 by 96% and is bullish on the prospects of finishing the first half of the year by exceeding its budget on both patami and revenue front.
In September 2020, shareholders of iMedia had entered into a share sale agreement with Rev Asia Bhd for Rev Asia to acquire the entire stake in iMedia, subject to completion and approval from Bursa Malaysia.
iMedia has forecast a RM3 million patami in 2021, which would see a total acquisition price of RM40 million by Rev Asia if the patami is achieved. With the strong performance achieved in Q1, iMedia is looking on track to meet its target.
This result follows rapid consolidation across H2’20 when iMedia acquired and merged with ITTIFY, Oh Media!, Goody25, BeautifulNara and Moretify. The company remains on the lookout to acquire companies and partner with local entrepreneurs.
iMedia CEO and co-founder Voon Tze Khay said it is optimistic about the growth and long-term prospect of the digital media, influencer marketing and social commerce industry in view of the acceleration of digital transformation in Malaysia and beyond.
“As an integrated digital media group, we have the ability to provide 360 degrees solution to advertisers and clients through our integrated offerings in influencer marketing, social commerce, content creation and distribution, and high-impact digital advertising products. Our team is constantly engaging with the agencies and clients to provide digital strategy planning and innovation to ensure we stay relevant and provide optimum results for each of our campaigns,” added Voon.
The end of 2020 and the start of 2021 have seen the company launched and executed several new products and integrated campaigns under its content, social media and influencer marketing offerings.