CD Projekt profits up nearly 90% following success of Cyberpunk 2077: Phantom Liberty
CD Projekt saw a significant increase in both sales and profit during the first half of 2024, its latest financial results showed.
The Polish developer reported a 30.7% increase in sales compared to the same period last year, going from PLN 324.2 million ($84 million) to PLN 424.8 million ($109 million).
Its net profit was PLN 170 million ($43 million), a staggering rise of 88.7% year-on-year compared to PLN 90.2 million ($23 million) made in the first half of 2023.
The games firm attributed this to strong sales of Cyberpunk 2077 and Phantom Liberty alongside The Witcher 3: Wild Hunt and its expansions.
CD Projekt also provided an update on its ongoing projects. The first instalment in the new Witcher saga (codenamed Project Polaris) is set to enter the production phase, while groundwork for the next Cyberpunk title (codenamed Project Orion) is being laid out at its Boston office.
"In addition to strong financial results, which – in terms of profit – outperformed the comparative period by nearly 90% in H1 2024, we also noted an increase in our financial reserves," said CD Projekt CFO Piotr Nielubowicz.
"Despite having paid out almost PLN 100 million ($25 million) in a dividend, and allocating over PLN 150 million ($38 million) to new projects, our reserves nevertheless grew by more than PLN 55 million ($14 million)."
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