CD Projekt Red, the Warsaw, Poland-based game developer behind popular titles like Cyberpunk 2077 and The Witcher 3, has announced impressive financial results for the first half of 2024. The company saw a significant jump in both sales and profits, reflecting the continued success of its flagship games and strategic investments.
Sales for the first six months of the year reached $109 million (PLN 424.8 million), marking a 30.7% increase compared to the same period in 2023. This growth was fueled by the ongoing popularity of Cyberpunk 2077, including its recent expansion Phantom Liberty, and the enduring appeal of The Witcher 3: Wild Hunt and its accompanying expansions.
The company also reported a substantial 88.7% surge in net profit, rising to $43 million (PLN 170 million) from $23 million (PLN 90.2 million) in the first half of 2023. This impressive financial performance reflects the company’s ability to capitalize on the success of its established franchises and invest in new projects.
CD Projekt CFO Piotr Nielubowicz emphasized the company’s strong financial position, stating that in addition to the impressive profit growth, they also saw an increase in their financial reserves. This allowed them to distribute nearly $25 million in dividends to shareholders and invest over $38 million in new projects, with the company’s overall reserves still growing by more than $14 million.
The report also provided insights into the company’s upcoming projects. Development for the first installment in the new Witcher saga, codenamed Project Polaris, is poised to enter its production phase. Meanwhile, CD Projekt’s Boston office is actively preparing the groundwork for the next Cyberpunk installment, codenamed Project Orion.
CD Projekt Red’s strong financial performance, coupled with its commitment to developing new and innovative games, positions the company for continued success in the highly competitive gaming industry. The company’s focus on expanding its flagship franchises and exploring new gaming experiences suggests a bright future for CD Projekt Red and its dedicated fanbase.
