CD Projekt ADR (OTC:OTGLY) enjoyed a remarkable surge in financial performance for the first half of 2024, with both sales and profits seeing a substantial spike.
The Warsaw, Poland-based game developer's latest financial results reveal a 30.7% rise in sales year-on-year, reaching $109 million (PLN 424.8 million). That's up from $84 million in the same period last year, GamesIndustry.biz reported.
This growth is mirrored by an impressive 88.7% jump in net profit, which surged to $43 million (PLN 170 million) from $23 million (PLN 90.2 million) in the first half of 2023.
The surge in financial performance is attributed primarily to the continued success of Cyberpunk 2077 and its expansion, Phantom Liberty. The enduring popularity of The Witcher 3: Wild Hunt and its related expansions also helped.
"In addition to strong financial results, which – in terms of profit – outperformed the comparative period by nearly 90% in H1 2024, we also noted an increase in our financial reserves," CD Projekt CFO Piotr Nielubowicz stated.
The company distributed nearly $25 million in dividends and invested over $38 million in new projects. Still, CD Projekt's reserves grew by more than $14 million, Nielubowicz noted.
The report also provided updates on the company's upcoming projects. The first installment in the new Witcher saga, codenamed Project Polaris, is poised to enter its production phase. Additionally, the groundwork for the next Cyberpunk installment, codenamed Project Orion, is being prepared at CD Projekt's Boston office.
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