Success of Genting Group: Analysis of Financial Results for the First Quarter of 2024
Date: 2024-05-31 Author: Robert Beloved Categories: PAYMENT SOLUTIONS
In the first quarter of 2024, Genting Group recorded impressive net profit growth of over 230%. The company attributes this successful performance primarily to the leisure and hospitality sector, which has been the main source of revenue growth.
Financial Indicators
Genting Malaysia announced its financial results for the first quarter of 2024 with revenue of RM7.43 billion (approximately US$1.58 billion), up 28% year-on-year. Adjusted EBITDA rose 40% to RM2.57 billion. However, the most impressive growth was recorded in net profit, which increased to RM999 million, up 238.6% year-on-year.
Key Growth Factors
The leisure and hospitality division played a key role in the company's revenue growth. Resorts World Sentosa (RWS) and Resorts World Genting (RWG) reported strong revenue and EBITDA growth in the first quarter of 2024. In addition, Genting noted increased activity in the leisure and hospitality sector in the UK and Egypt.
Future Prospects
Genting Group subsidiary Genting Singapore also saw revenue growth this year, with a significant portion of the revenue coming from RWS. Genting Singapore's plans to expand its presence in the UAE and Thailand indicate strategic planning for the future.
Optimistic View of the Future
The Group expects the favorable operating environment in the regional gaming market and tourism sector to continue, especially in light of visa-free entry for Chinese and Indian nationals. In its quarterly report, the company emphasizes cautious optimism regarding the industry's short-term prospects, but remains positive about the long-term development prospects.
