By Stuart Condie
SYDNEY–Nine Entertainment Co. Holdings Ltd. will acquire up to 10% of its shares in an on-market buyback after lifting its annual profit by 75%.
The Australian media conglomerate on Thursday reported a net profit for the 12 months through June of 297.1 million Australian dollars (US$205.3 million), compared with A$169.4 million a year earlier.
Revenue jumped 15% to A$2.69 billion and Nine said that ad markets across all platforms were showing resilience so far in its 2023 fiscal year.
Nine declared a dividend of 5.5 Australian cents per share, taking its full-year payout to 7.0 Australian cents.
It said it was confident that advertising revenues at all its ad-driven businesses would grow more strongly in fiscal 2023 than in the underlying markets in which they operate.
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