Genting Malaysia Berhad, a major player in the casino and gaming industry, recently released its financial results for the first half and second quarter of 2024. The numbers are looking impressive, with the operator’s revenue soaring to RM2.67bn ($0.62bn) for Q2 and a total of RM5.43bn for the first half of the year.
The company’s Q2 performance showed a remarkable 8% increase in revenue compared to the previous period, reaching RM2.67bn. Not only that, but the adjusted EBITDA also saw a significant uptick, skyrocketing by 72% to RM770.4m. The profit before taxation (PBT) and net profit more than doubled, hitting RM203.2m and RM62.8 million, respectively.
Moving on to the first half of 2024, Genting Malaysia’s revenue experienced a healthy growth of 14%, amounting to RM5.43bn. The adjusted EBITDA also showed a strong improvement, increasing by 37% to RM1.42bn. The company managed to turn around its net profit to RM99.4m, a notable change from a net loss of RM15.1 million in the same period last year.
The success in revenue can be attributed to the company’s various leisure and hospitality establishments across the globe. From Malaysia to the UK, Egypt, the US, and the Bahamas, all regions reported increased revenues driven by higher business volumes and improved operational performance. However, it is worth noting that higher operating and payroll expenses did affect EBITDA margins in some areas.
One of the key contributors to the improved financial figures was the net foreign exchange translation gains. This, combined with the company’s commitment to providing sustainable returns to shareholders, led the board to declare an interim single-tier dividend of 6.00 sen per ordinary share.
Looking ahead, Genting Malaysia’s outlook appears cautiously optimistic. In Malaysia, the company is eyeing the opportunity to capitalize on the recovering regional travel market by focusing on its integrated resort. In the UK, plans are underway to expand market share and streamline operations for greater efficiency. Meanwhile, in the US, the emphasis will be on marketing initiatives to drive visitation and bolster the customer database with RWNYC and Empire assets.
In related news, sibling company Genting Singapore also posted a healthy revenue increase of 29%, indicating a positive trend within the Genting group’s global operations. The future looks bright for Genting as they continue to navigate the ever-evolving landscape of the casino and gaming industry.
