KUALA LUMPUR, Nov 28 (Bernama) -- Genting Malaysia Bhd’s net profit tripled to RM569.16 million in the third quarter ended Sept 30, 2024 (3Q 2024) from RM177.41 million in the same quarter last year, on higher adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 75 per cent.
The adjusted EBITDA improved after taking into account net unrealised foreign exchange translation gains.
The adjusted EBITDA rose to RM1.31 billion in 3Q 2024 against RM747.6 million previously, the company said in a filing to Bursa Malaysia today.
“The group reported higher adjusted EBITDA of RM2.74 billion year-to-date (YTD) September 2024 as compared with RM1.79 billion in the same period in 2023, an increase of 53 per cent.
“(This) was mainly due to flow-through of the increase in revenue offset by the higher operating expenses including payroll related expenses across all business segments,” it said.
Genting Malaysia’s revenue increased to RM2.75 billion in 3Q 2024 from RM2.71 billion previously mainly due to higher revenue from the leisure and hospitality businesses in the United Kingdom (UK) and Egypt.
Revenue from the leisure and hospitality business in Malaysia increased by 9.0 per cent year-on-year (y-o-y) mainly due to a higher volume of business.
Overseas, revenue from the leisure and hospitality businesses in the UK and Egypt rose 17 per cent to RM1.45 billion also due to higher volume of business.
Going forward, Genting Malaysia said the group is cautiously optimistic about the near-term prospects of the leisure and hospitality industry and remains positive in the longer term.
Meanwhile, its parent company, Genting Bhd, posted a lower net profit of RM223.8 million in 3Q ended Sept 30, 2024, from RM520.52 million, while revenue decreased to RM6.54 billion from RM7.37 billion previously.
“The decrease in revenue was contributed mainly by the leisure and hospitality division,” the group said in a separate filing.
-- BERNAMA
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