Leisure and hospitality divisions lift Genting

PETALING JAYA: Genting Bhd posted a revenue of RM6.66bil in its second quarter ended June 30, 2023 (2Q23), an increase of 17% compared with the previous year’s corresponding quarter’s revenue of RM5.69bil.

In a filing with Bursa Malaysia, the company said the increase in revenue was contributed mainly by the leisure and hospitality division.

However, the group’s adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for 2Q23 of RM1.99bil declined by 2%, compared with RM2.03bil in 2Q22.

“Increase in revenue and Ebitda of Resorts World Sentosa is mainly attributable to rebound in non-gaming business and recovery in regional gaming business in 2Q23.”

Additionally, Genting said Resorts World Genting (RWG) recorded higher revenue in 2Q23 over 2Q22, mainly due to higher volume of business registered by RWG’s gaming and non-gaming segments.

“Consequently, a higher Ebitda was recorded primarily due to the higher revenue which was partially offset by higher operating expenses in 2Q23.”

Meanwhile, the revenue from the leisure and hospitality businesses in the United Kingdom and Egypt in 2Q23 was higher mainly due to strengthening of the pound, said Genting.

“However, a lower Ebitda was recorded mainly due to higher payroll related costs.”

Separately, Genting said revenue of RM12.48bil and Ebitda of RM3.83bil for the first half of 2023 (1H23) improved by 26% and 15% respectively year-on-year.

“The improved results are attributed mainly to the contribution from the leisure and hospitality division,” it said.

Meanwhile, subsidiary Genting Malaysia Bhd saw its revenue grow by 14% to RM2.47bil in 2Q23.

However, it said in a statement that adjusted Ebitda declined by 28% to RM447.9mil.

“The group registered an 89% improvement in pre-tax profit to RM95.4mil.

“The group reported net profit of RM30.3mil as compared to a net loss of RM42.3mil in the same period last year.”

In 1H23, Genting Malaysia said it recorded a 22% increase in total revenue to RM4.76bil while adjusted ebitda improved marginally to RM1bil.

“The group registered a pre-tax profit of RM136.7mil as compared to a pre-tax loss of RM65.5mil in the same period last year.

“Net loss narrowed by 92% to RM15.1mil during the period,” it said.