Genting Bhd's Net Profit Soars To RM239.66 Mln In 2Q

KUALA LUMPUR, Aug 29 (Bernama) -- Genting Bhd’s net profit soared to RM239.66 million in the second quarter ended June 30, 2024 (2Q 2024) from RM160.55 million in 2Q 2023.

Revenue also rose by three per cent to RM6.86 billion from RM6.66 billion previously.

In a filing with Bursa Malaysia today, it said the increase in its revenue was mainly due to contributions from the group’s leisure and hospitality division.

“Resorts World Sentosa recorded lower revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2Q 2024, mainly due to geopolitical headwinds, while high transport and accommodation costs have dented growth.

“Resorts World Genting posted higher revenue year-on-year, mainly due to higher volume of business from gaming and non-gaming segments. However, a lower EBITDA was recorded, primarily due to the higher operating expenses in 2Q 2024,” it said. 

Genting’s leisure and hospitality division’s revenue in the United Kingdom (UK) and Eygpt in the current quarter was boosted by higher business volume.

“Meanwhile, higher revenue was recorded by Resorts World New York City in the United States and Resorts World Bimini in the Bahamas, mainly due to improved operating performance.

“A higher adjusted EBITDA was recorded mainly due to higher revenue, which was partially offset by higher operating and payroll-related expenses,” it noted.

The group also declared an interim single-tier dividend of 6.0 sen per ordinary share in respect of the financial year ending Dec 31, 2024, payable on Oct 11, 2024. 

In a separate statement, the group said its subsidiary, Genting Malaysia Bhd (GENM) is cautiously optimistic of the near-term and long-term prospects of the leisure and hospitality industry.

It said GENM remains focused on leveraging its integrated resort offerings to capitalise on the ongoing recovery in regional travel in Malaysia.

“GENM’s investment in new and refreshed products and lifestyle experiences is part of its ongoing strategy to strengthen its position as a premier tourism destination and drive further growth.

“In the UK, GENM will continue to focus on enhancing business resilience by reorganising operations for greater efficiency and productivity, whilst expanding its overall market share,” it added.

Additionally, GENM will continue to enhance its marketing initiatives to drive visitations and expand its customer database, while leveraging synergies between RWNYC and Empire Resorts Inc’s assets to improve overall returns in the US.

-- BERNAMA