In the first three months of 2020 the CD PROJEKT Group posted 193 million PLN in sales revenues – nearly 2.5 times as much as during the first quarter of 2019. The Group’s consolidated net profit increased more than fivefold, reaching 92 million PLN.
– For us, this is a record-breaking first quarter both in terms of revenues and net profit. This outcome was attributable mainly to continuing strong sales of The Witcher 3, which has just celebrated its fifth anniversary. Celebrations are due: I’m pleased to inform that aggregate sales of all games from The Witcher series have topped 50 million copies – says Piotr Nielubowicz, Vice President and CFO of CD PROJEKT.
– Our net result was also positively affected by new releases. Following its last year’s iOS premiere, GWENT successfully debuted on Android devices, while Thronebreaker: The Witcher Tales came to Nintendo Switch. Despite having invested over 54 million PLN in new projects, we also generated positive cash flows. Our cumulative balance of cash assets and bank deposits increased by 128 million PLN during Q1 2020 – that’s 40% more than our corresponding net profit – adds Piotr Nielubowicz.
Due to the ongoing coronavirus pandemic the entire CD PROJEKT and GOG.com teams have been working from home since mid-March.
– Without a doubt, this was a very unique period which will remain in our memory for a long time. The decision to switch to remote work in the final phase of Cyberpunk development was not an easy one; however the well-being of our team must take priority. The transition went smoothly owing to the determination and involvement of our employees who now carry on with intensive development work from the safety of their homes. I would like to extend my thanks to the whole team for showing resilience in these difficult times – remarks Adam Kiciński, President of the CD PROJEKT Group.
The pandemic and the associated movement restrictions and stay-at-home orders introduced in many countries contributed to the dynamic increase in sales reported by the CD PROJEKT RED studio and the GOG.com platform.
– Staying at home enticed many people to try their hand at videogames, which are becoming an even more popular form of entertainment thanks to their availability. We are glad that we have been able to attract new fans and liven up their time in this difficult period – adds Kiciński.
In addition to continuing with its development work, the CD PROJEKT RED team is preparing a special event for Cyberpunk fans. On June 11 the Studio will hold Night City Wire – an opportunity to present further information regarding the upcoming release.
The full financial statement of the CD PROJEKT Group can be found at https://www.cdprojekt.com/en/investors/result-center/.