CD Projekt - Early 2022 Overview
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Having recently released their quarterly financial statement, CD Projekt now brings us this fairly concise overview of their major ongoing projects. As a result, we now know that Cyberpunk 2077's upcoming story expansion should be going live later this year, and that the next game in The Witcher series is now officially positioned as a new saga, not just a single game.
More on that:
In the first quarter of 2022 CD PROJEKT released the next-gen version of Cyberpunk 2077 along with a major update on all supported platforms. The Company also announced it was working on a new Witcher saga.
– The next-gen version of Cyberpunk, released together with a major update – that is, Patch 1.5 – had a positive effect on the game’s perception and sales figures, particularly on consoles. We continue to improve Cyberpunk, although the team assigned to this task has now shrunk considerably. The bulk of our development capacity is currently dedicated to the major story-driven expansion for the game, which we plan to launch next year – says Adam Kiciński, CEO of the CD PROJEKT Group.
In March 2022 CD PROJEKT RED announced the start of a long-term strategic partnership with Epic Games, thanks to which future games will be based on Unreal Engine 5. The Studio also announced that it was working on further additions to The Witcher videogame series.
– We are very eager to revisit the universe which has shaped our history to such an extent. We have recently concluded the research phase for the first game in the new Witcher saga, which means that from now on further development expenditures will be capitalized on our balance sheet – adds Adam Kiciński.
The CD PROJEKT Group posted 216 million PLN in first-quarter revenues. The Group’s consolidated net profit for the period was 69 million PLN – over twice as much as in the first quarter of the previous year.
– The bulk of Q1 revenues come from Cyberpunk 2077, which, owing to its next-gen console release, enjoyed a strong quarter in terms of sales. Our balance of cash, deposits and T-bonds increased by over 107 million PLN in the first three months of 2022 – remarks Piotr Nielubowicz, Vice President and CFO of CD PROJEKT
Highlights of the second half of 2022 will include the launch of the Cyberpunk: EDGERUNNERS anime series on Netflix, and the release of The Witcher 3: Wild Hunt for next-gen consoles.
On 25 May the Management Board of the Company recommended allocating nearly 101 million PLN from 2021 net earnings to a dividend of 1 PLN per share.
