Nine’s net profit soars 79%, promises to return $2m of JobKeeper

Nine Entertainment Co has committed to repaying the $2 million it received in JobKeeper to the Federal Government after posting a $182 million net profit, a 79% leap, and $1.2 billion of revenue, a 2% slide, for the half year ending in December.

Nine’s core business did not receive the government subsidy, with the $2 million boost awarded to the likes of Pedestrian and Nine Events, including Night Noodle Markets, Good Food events, and Australian Financial Review events. Last week, rival Seven West Media recorded a $116.4 million net profit, but decided against returning its $33 million in JobKeeper, with CEO James Warburton telling Mumbrella: “We would have had to have retrenched between 120 and 150 employees if we hadn’t secured those funds.”

But, in his last results presentation as chief executive officer, Nine’s Hugh Marks confirmed the business has “performed incredibly well”, with group earnings before interest, tax, depreciation and amortisation (EBITDA) of $355 million. He told investors JobKeeper provided “comfort and confidence” but that the balance sheet was strong enough to return the funds.