CD Projekt reports $33.4m net profit for first half of 2017, firm valued at $2.2bn

CD Projekt reports $33.4m net profit for first half of 2017, firm valued at $2.2bn

Polish video games giant CD Projekt has revealed its financial performance for the first half of this year.

In a handy video (below), the firm’s CFO Piotr Nielubowicz revealed that CD Projekt had recorded sales revenue of PLN 225m ($63.1m), while net profit stood at a whopping PLN 119m ($33.4m). That's for the period between January 1st and June 30th. 

According to the firm’s financial report, net profit for this period fell 11.9 per cent year-on-year, but was 2.4 per cent higher than H2 2016. This was driven by strong sales of the Game of the Year SKU of The Witcher III. Overall, the firm's market cap now stands at $2.24bn as of August 2017. 

This impressive performance was attributed in part to the success of the firm’s Witcher card game spin-off Gwent as revenue from the PC version of this release is reported under the company’s digital storefront.

This title entered public beta testing on May 24th, with a full release set for later this year. Nielubowicz also says that the eSports potential of this game will aid its popularity; the firm announced at Gamescom it was backing a competitive Gwent series with a $850,000 prize pot.

97 per cent of income comes from abroad; the US makes up 60 per cent, while Europe forms 24.4 per cent of income.

Furthermore, the CFO said that despite spending PLN 33m ($9.3m) in development funding – for Cyberpunk 2077 and Gwent – and paying out PLN 101m ($28.3m) in the company’s first ever dividend pay-out to shareholders, CD Projekt’s cash balance shrank by a mere PLN 14m ($3.9m), while net cash flow reached PLN 120m ($33.7m). The firm currently sits on $200m in cash. 

That's not all, either. CD Projekt will be listed on the FTSE Emerging Markets Index in the Mid Cap tier. This takes effect on September 15th. 

The firm also celebrated the 10th birthday of its flagship Witcher franchise with a touching video earlier this week. 

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.