The Embracer Group's games division grew by almost a third over the last 12 months, but it wasn't enough to stop overall profits for the company falling.
This information was revealed via the company's fiscal year financial results for the twelve months ended on March 31st, 2020.
Net sales for the overall business equalled to SEK 5.25 billion ($544.32 million), a three per cent rise year-over-year. The Embracer Group's games business increased to SEK 3.19 billion ($330.98 million), an increase of 31 per cent across the same period.
Across the three months ended March 31st, 2020, net sales came in at SEK 1.33 billion ($137.93 million) a decrease of approximately 22.5 per cent. This drop was replicated across the games side too with a 12 per cent year-over-year fall to SEK 903.5 million ($93.84 million).
While the video games sector thrived, the Embracer Group's 'Publishing/Film' business slumped, and the company saw an overall profit after tax equal to SEK 283.3 million ($29.37 million), a decrease of 10.26 per cent.
69 unannounced titles
"I genuinely believe that we have one of the industry's most exciting pipelines of upcoming games, engaging over 3,000 game developers across the world," said Embracer Group founder and CEO Lars Wingefors.
"We believe this will drive significant organic growth in revenue, operational EBIT and cash flow in the Games business area in the coming years."
Following the acquisition of Saber Interactive, The Embracer Group now has 118 games in development with 69 of those titles currently unannounced.
The Embracer Group will be looking to make more acquisitions and expansions in the near future, with the company raising $164 million in April for further investments.
More recently, Embracer Group subsidiaries THQ Nordic and Koch Media traded a number of IPs, including Sacred, Risen, Rush for Berlin, Painkiller and Red Faction.