Jakarta. As the demand for entertainment rebounds post-pandemic, movie-theatre operator Nusantara Sejahtera Raya (CNMA), also known as Cinema XXI, is set to expand with 100 new screens in 2024.

Indah Tri Wahyuni, Head of Corporate Legal at Cinema XXI, stated that the company views the cinema network industry as promising, evidenced by the annual increase in audience numbers during the pandemic recovery period.

In 2023, the national film industry set a new record with 20 films attracting over 1 million viewers each, a success expected to continue growing in 2024.

"The public's access to watching films at Cinema XXI has broadened with 1,312 screens across 248 locations throughout Indonesia as of May 21, 2024," explained Indah on Sunday.

Looking ahead, Indah said the company plans to further enhance public access to quality cinema by adding 100 new screens in various cities and districts in Indonesia.

To facilitate this expansion, the company is investing up to Rp 775 billion ($48.36 million), sourced from its initial public offering proceeds.

With this expansion, Cinema XXI will reach a total of 1,412 screens in 2024, maintaining its dominance in the Indonesian cinema industry. As of March 2024, CNMA’s main competitor, Graha Layar Prima (BLTZ), known as CGV Cinema, has 422 screens across 64 locations.

Additionally, the increase in screens will be complemented by a wider variety of films, catering to diverse audience preferences, including Hollywood, Asian (Japanese, Korean), and domestic films.

Throughout 2023, CNMA reported revenues of Rp 5.2 trillion, an 18.9 percent increase from Rp 4.4 trillion in 2022. The company also achieved a net profit after tax of Rp 742.3 billion, up 47.1 percent from 2022, with an EBITDA of Rp 1.7 trillion.

The net profit attributable to the owners of the parent entity was Rp 687.76 billion in 2023, a 49.38 percent increase from Rp 460.38 billion in 2022.