Genting Malaysia posts RM240mil net profit in 4Q, declares 9 sen dividend

KUALA LUMPUR: Genting Malaysia Bhd remains cautious of the near-term prospects of the leisure and hospitality industry but is positive in the longer term.

“In Malaysia, the expected growth in regional tourism and domestic private consumption augurs well for the group’s strategy on increasing visitation and customer spending at Resorts World Genting (RWG). Though competitive pressures remain, the group will continue to focus on innovative marketing initiatives to expand customer reach whilst capitalising on value offerings to grow key business segments.

“Meanwhile, continued investments in infrastructure enhancements at Genting Highlands will be made to ensure the safety of visitors and the surrounding community,” Genting Malaysia said in a filing with Bursa Malaysia.

In the UK, the group is encouraged by the sustained positive performance of its casinos despite the challenging operating environment. The group remains focused on exploring opportunities and investing in capabilities to strengthen the resilience of its business.

In addition, the group will continue to put in place measures to grow its operations, with particular focus on the core casinos division.

In the US, the group remains focused on reinforcing its market position and expanding its presence in New York State to compete effectively in the northeast US region.

“The group will continue to actively grow its customer database, whilst enhancing synergies between Resorts World New York City (RWNYC) and Empire Resorts Inc’s assets to improve the overall returns of the group’s US business,” Genting Malaysia said.

In the fourth quarter ended Dec 31, the group posted a net profit of RM239.6mil compared with a net loss of RM393.9mil in the same period in the previous year.

Revenue for the quarter rose 12% to RM2.7bil against RM2.43bil. It posted an earnings per share of 4.23 sen against a loss per share of 6.95 sen a year ago.

In the full year, Genting Malaysia recorded a net profit of RM436.8mil on revenue of RM10.2bil.

The board of directors has declared a final single-tier dividend of 9.0 sen per ordinary share. Together with the interim dividend of 6.0 sen per ordinary share, the board has declared total dividend of 15.0 sen per ordinary share for FY23.