75% revenue increase for Sony Interactive Entertainment NZ

Mon, 4th Sep 2023

FYI, this story is more than a year old

Sony Interactive Entertainment New Zealand has released its latest financial report detailing its finances as of 31st March 2023. The report shows that Sony Interactive Entertainment NZ's revenue from contracts with customers increased from NZD $43.2 million in 2022 to NZD $75.6 million in 2023, a substantial increase of 75%.

The company's profits before tax also saw a large increase from NZD $1.36 million in 2022 to NZD $2.32 million in 2023, a 70.8% growth year-on-year. As for the company's profit for the year, it's a similar result, with an increase of 70% from NZD $980k in 2022 to NZD $1.67 million in 2023.

Interestingly, receipts from customers (incl. GST) also saw a large increase year-on-year for Sony Interactive Entertainment NZ, up from NZD $48.7 million in 2022 to just NZD $82.3 million in 2023, a 69% increase.

Sony Interactive Entertainment NZ's cash and cash equivalents at the end of the year saw another large increase, growing from NZD $1.45 million in 2022 to NZD $3.64 million in 2023, a drastic increase of 150%.

As for the company's total assets, they saw a substantial increase year-on-year from NZD $10.5 million in 2022 to NZD $27.6 million in 2023, a significant increase of roughly 162%.

The audit of the New Zealand branch of Sony Interactive Entertainment New Zealand was performed by the international audit firm PWC.

This news shows strong positive results for Sony Interactive Entertainment NZ after a slowdown in growth over the COVID-19 pandemic. This is especially apparent when looking at their financial results from the end of last year.

It showed that the company's profit had increased by 4%, totalling NZD $980k, compared to the year prior's total of NZD $940k.

Sony's total assets for 2022 come to $10.5 million, a 59% decline from the year prior's total of $16.75 million.

Revenue took a slight decline from $43.23 million to $43.2 million.

Cash flows from operating activities significantly increased during the previous period from $2.04 million to $6.1 million.

Recognised as a global interactive and digital entertainment leader, Sony Interactive Entertainment (SIE) is responsible for the PlayStation brand and family of products and services. PlayStation has delivered innovation to the market since the launch of the original PlayStation in Japan in 1994.

The PlayStation family of products and services include PlayStation 5, PlayStation 4, PlayStation VR, PlayStation Store, PlayStation Plus and acclaimed PlayStation software titles from PlayStation Studios.

Headquartered in San Mateo, California, SIE is a wholly-owned subsidiary of Sony Group Corporation and has global functions in California, London, and Tokyo.

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