- Cineplex (TSX:CGX) reported a profit for Q4 2024, marking a significant turnaround from a loss in the same period last year
- Canada’s largest movie theatre chain earned C$3.3 million, or five cents per share, for the quarter ended December 31st, compared to a loss of C$9.0 million, or 14 cents per share, a year earlier
- Revenue for Q4 totalled C$362.7 million, a 15 per cent increase from C$315.1 million in the last three months of 2023
- Cineplex stock (TSX:CGX) last traded at C$10.88
Cineplex (TSX:CGX) reported a profit for Q4 2024, marking a significant turnaround from a loss in the same period last year.
Canada’s largest movie theatre chain earned C$3.3 million, or five cents per share, for the quarter ended December 31st, compared to a loss of C$9.0 million, or 14 cents per share, a year earlier.
Revenue for Q4 totalled C$362.7 million, a 15 per cent increase from C$315.1 million in the last three months of 2023. This growth was driven by higher theatre attendance, which rose to 11.1 million from 9.6 million a year earlier.
Cineplex also reported an increase in box office revenue per patron, which amounted to C$13.26, up from C$12.90 in the same quarter last year. Concession revenue per patron also saw a rise, reaching C$9.41 compared to C$9.28 a year earlier.
In addition to its quarterly results, Cineplex noted that its box office revenue for January 2025 totalled C$37.5 million, slightly down from C$37.6 million in January 2024.
Company president and CEO, Ellis Jacob said in a news release that 2024 was a year to focus on returning long term value to shareholders.
“The sale of Player One Amusement Group and the comprehensive re-financing plan initiatives, which closed in the first quarter of 2024, allowed us to de-leverage and optimize our capital structure,” he explained. “We reaffirmed our belief in the long-term success of the company by announcing a Normal Course Issuer Bid program in Q3. We continued to invest in our diversified businesses by opening three new location-based entertainment venues in highly attractive locations in the fourth quarter, further cementing ourselves as a leader in Canadian entertainment.”
Cineplex Inc. is a household Canadian brand active in the film entertainment and content, amusement and leisure and media sectors. It operates more than 169 movie theatres and entertainment venues across the country.
Cineplex stock (TSX:CGX) last traded at C$10.88 and has risen 39.85 per cent since last year.
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(Top photo via Cineplex.)
