Net profit was up 246.3 per cent in year-on-year terms.
Malaysia.- Genting Malaysia has shared its financial results for the third quarter of the year. The casino operator posted a net profit of MYR548.3m (US$123.3m), compared to a profit of MYR62.7m (US$14.6m) in the second quarter of the year. The figure was up 246.3 per cent in year-on-year terms.
Revenue was up 1 per cent year-on-year and 3 per cent quarter-on-quarter to MYR2.74bn (US$615.7m). Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 74.5 per cent year-on-year to MYR1.31bn (US$294.2m) and up 69.4 per cent when compared to the previous quarter.
Revenue in the leisure and hospitality segment – including casino operations was MYR1.68bn (US$377.5m) in Malaysia, flat in year-on-year terms. The figure was up 4.2 per cent in quarter-on-quarter terms. However, adjusted EBITDA declined by 13 per cent year-on-year to MYR493.4m (US$110.9m), mainly due to higher operating expenses incurred. The Group registered an adjusted EBITDA margin of 29 per cent as compared to 34 per cent in the third quarter of 2023.
In the United Kingdom (UK) and Egypt, the group reported a 9 per cent increase in revenue to MYR538m (US$120.9m) while adjusted EBITDA grew by 5 per cent to MYR104m (US$23.4m). According to the company, these improvements were largely attributable to the higher volume of business registered across the Group’s estate.
In the United States of America (US) and the Bahamas, the casino operator reported a marginal decline in revenue to MYR472.2m (US$106.1m). The company also registered lower adjusted EBITDA by 8 per cent to MYR124.2m (US$27.9m), mainly due to higher operating and payroll-related expenses.
Cumulatively, Genting Malaysia posted a total revenue of MYR8.18bn (US$1.84bn) for the first nine months of the year. That’s an increase of 10 per cent in year-on-year terms. Adjusted EBITDA was up 53 per cent year-on-year to MYR2.72bn (US$611.2m). It also posted a net profit of MYR647.7m (US$145.5m), an increase of more than four times from the same period last year.
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The company said: “The global economy is expected to grow at a moderate pace, with uneven prospects across major economies. In Malaysia, economic growth is expected to continue, supported by external demand and steady domestic spending, while the inflationary environment is expected to be shaped by the implementation of domestic policies. However, downside risks to the growth outlook remain amid new developments in the global environment.
“The outlook for international tourism is expected to remain broadly positive, driven by strengthening global demand, improved air connectivity, and the ongoing recovery in key markets. This momentum is expected to support the continued recovery of the regional gaming market.
“The group is cautiously optimistic about the near-term prospects of the leisure and hospitality industry and remains positive in the longer term.
