Belgian media company Mediahuis, which publishes the Independent titles in Ireland, has reported a net profit of €117m for 2021 on turnover of €1,130m.

Operating profit rose by 36% to €166m partly due to the integration of Mediahuis Luxembourg and NDC media group.

The privately-owned company said independent.ie’s subscriber base grew by over 40% to 43,000 subscribers. “Single copy sales continued to face pressure in Ireland due to ongoing Covid restrictions,” the company stated.

Mediahuis said the Ireland division posted a strong result in the advertising market in 2021, due to the development of new digital advertising products.

Last year, Mediahuis Ireland acquired the packaging company Delpac via its distribution subsidiary Reach Group.

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In a brief statement, Mediahuis didn’t break out revenue and profit by region or activity, and disclosed only topline results.

Mediahuis sad the 2021 outturn was assisted by historically low paper prices in H1. Since Q4 2021, the price of newsprint has risen sharply, the company noted..

The company added: “Mediahuis ended 2021 with an operating result 36% better than the previous year and a net result that doubled. Partly due to the capital gain realised on the sale of the Keesing stake and the strong operating cash flow, Mediahuis was able to further reduce its bank debts and end the year debt-free.”

CFO Kristiaan De Beukelaer added: “After years of building and investing, the group’s strategy translated into rock-solid results. What makes me especially happy is that we were able to finish the year debt-free and look towards the future with an exceptionally strong balance sheet.”