RGB Profit Growth by 112%: Analysis of Financial Results
Date: 2024-05-31 Author: Robert Beloved Categories: PAYMENT SOLUTIONS
In the first quarter of 2024, RGB International Bhd (RGB) recorded an impressive 112% year-on-year profit growth. A key factor behind this success has been increased activity in the Philippines, where the recent RGB project received a high award from PACGOR.
Financial results
According to the financial report, profit before tax was RM25.3 million (approximately US$5.4 million), up 112% year-on-year. Equally impressive was sales and marketing revenue growth, which grew 154% year-over-year and 120% month-on-month, driven primarily by higher product volumes.
There was also an increase in revenue in the Technical Support and Management (TSM) division, which reached RM33.4 million, up 30% year-on-year. This success is due to the good performance of some TSM centers.
Key Growth Factor
RGB emphasizes that success in the Philippines plays a key role in overall profit growth. A subsidiary of RGB (Macau) recently entered into an agreement with PACGOR to supply 1,968 electronic gaming machines (EGMs) to casinos under PACGOR's jurisdiction. The project, valued at RM382 million, involves the supply and installation of various EGM brands such as Light & Wonder, Aristocrat, Konami and KL Saberi.
Plans and Forecasts
RGB is confident of achieving even stronger results in 2024, especially given the continued growth in demand for electronic games in the Philippines. The company looks forward to further strengthening its leadership and expanding markets in the coming periods.
Overall, the first quarter 2024 results demonstrate RGB's significant growth and commitment to continued growth and success in the global gaming market.
