Genting revenue rises 20% to RM7.4bil in 3Q

PETALING JAYA: Genting Bhd posted revenue of RM7.37bil in its third quarter ended Sept 30, 2023 (3Q23), an increase of 20% compared with RM6.12bil in the corresponding quarter a year ago.

In a statement, the group said the increase in revenue was contributed mainly by its leisure and hospitality division.

The group’s adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for the third quarter of 2023 was RM2.73bil, an increase of 33% compared with RM2.06bil in the previous corresponding period.

Genting said Resorts World Sentosa continued to benefit from the sustained recovery of travel and tourism by recording higher revenue and Ebitda in 3Q23.

“Resorts World Genting (RWG) recorded improved revenue in the third quarter of 2023 over the second quarter of 2022, mainly due to the higher volume of business registered by RWG’s gaming and non-gaming segments.

“Consequently, a higher Ebitda was recorded primarily due to the improved revenue, which was partially offset by higher operating expenses in 3Q23.”

Genting said revenue from its leisure and hospitality businesses in Britain and Egypt during the quarter was also higher due to increased volume of business.

“A higher Ebitda was recorded mainly due to improved revenue, partially offset by higher payroll-related costs,” it said.

Meanwhile, subsidiary Genting Malaysia reported a 19% increase in revenue to RM2.7bil while adjusted Ebitda grew by 23% to RM747.6mil in 3Q23.

Additionally, the group’s pre-tax profit improved to RM243.3mil, more than two times the level recorded in the same quarter last year.

The group registered net profit of RM158.3mil compared to a net loss of RM8.2mil in 3Q22.

For the nine-month period ended Sept 30, 2023, Genting Malaysia’s revenue grew by 21% to RM7.47bil, while adjusted Ebitda was higher by 9% to RM1.79bil.

The group also reported a pre-tax profit of RM380mil compared with RM30.2mil in the same period last year.

The group achieved net profit of RM143.2mil for the nine-month period ended Sept 30, 2023, compared with a net loss of RM198.4mil a year earlier.