Creepy Jar reviews 2023 and recommends dividend payment

Creepy Jar generated PLN 37.5 million in sales revenue, PLN 17.1 million in EBITDA and PLN 18.3 million in net profit in 2023. The studio’s priority is to bring StarRupture to the highly awaited early access version and to continue development of its flagship title, Green Hell. In view of the Company’s good financial position, the Management Board recommended the payment of a dividend from the 2023 profit of nearly PLN 9.2 million.

The 32% year-on-year decline in sales revenue is due to declining sales of the Green Hell game on key platforms. This is due to the natural aging cycle of the product, which was released in early access in 2018. The indicated decrease in sales revenue, rising production costs and the increase in the team resulted in a decrease in the Company’s net profit margin to 49%.

Green Hell’s gross sales by volume in 2023 for PC/Steam, PlayStation Store and Microsoft Store platforms (versions of the game for which the Company owns publishing rights) amounted to 1.09 million copies, of which 248,000 were on PlayStation and Xbox consoles. Green Hell’s total gross sales on the aforementioned platforms exceeded 5 million copies in October 2023.

The studio continues work on another original production called StarRupture, which is being developed on Unreal Engine 5. It will be an advanced base development simulator with survivalist elements, set in a science fiction setting. StarRupture will stand out from games already on the market, especially classic base-builders, thanks to such mechanics as exploration, combat and resource management. As early access, the game will already be an elaborate production with a co- op mode for up to 4 players, which the studio plans to further develop intensively.

StarRupture’s release date has not yet been set. The studio plans to complete work on the early access version in the last quarter of 2024, in the meantime it will decide on the optimal release window. Green Hell has been regularly supported since its release in 2018 with free updates ontaining improvements and new content that expand the game’s content and provide players with more hours of entertainment. So far, the Company has already provided players with 20 updates and is working on the next one. Creepy Jar plans to maintain Green Hell’s support in 2024 at a similar level as last year. The studio is currently working on developing the game for PlayStation 5 and Xbox Series S|X consoles, as well as continuing to support and develop the game on these platforms.

All owners of the PlayStation 4 and Xbox One versions of Green Hell will receive a free upgrade with the game’s release later this year. In view of Creepy Jar's good financial position, the Company’s Management Board recommended to the General Meeting of Shareholders that a dividend of nearly PLN 9.2 million, that is, PLN 13.11 per share, be paid from the 2023 profit. The Management Board’s proposal for the distribution of profit for fiscal year 2023 has been favorably reviewed by the Company's Supervisory Board and will be presented to the Company's Annual General Meeting for consideration.