Genting Malaysia Berhad’s second quarter (2Q23) revenue grew by 14% to RM2.47 billion, however, adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by 28% to RM447.9 million. The Group
registered an 89% improvement in profit before taxation to RM95.4 million and reported a net profit of RM30.3 million as compared to a net loss of RM42.3 million in the same period last year (2Q22).
In 1H23, the Group recorded a 22% increase in total revenue to RM4.75 billion while adjusted EBITDA improved marginally to RM1.04 billion the group registered PBT of RM136.7 million as compared to a loss before taxation of RM65.5 million in the same period last year (1H22). Net loss narrowed by 92% to RM15.1 million during the period.
Breaking it down in terms of business segment, the group’s leisure and hospitality business in Malaysia recorded an increase in revenue by 17% to RM1.53 billion while adjusted EBITDA grew by 16% to RM532.3 million. Genting said the improvements were largely driven by the overall higher volume of business registered at Resorts World Genting (RWG). As
operations at RWG continued to ramp up, the Group incurred higher operating expenses in 2Q23. The Group achieved an adjusted EBITDA margin of 35% for the period. In the United Kingdom (UK) and Egypt, the increase in revenue for the Group’s leisure and hospitality business was mainly due to the strengthening of GBP against RM. The Group recorded a decline in adjusted EBITDA by 27% to RM59.5 million, primarily attributable to higher payroll and related costs incurred in the period.
US and the Bahamas revenue grew by 14% to RM475.5 million and the Group reported an increase in adjusted EBITDA by 19% to RM146.0 million.
For the 1H Malaysia’s leisure and hospitality business registered a 32% growth in revenue to RM2.93 billion while adjusted EBITDA increased by 34% to RM968.8 million.
The Group continues to be cautiously optimistic of the near-term outlook of the leisure and hospitality industry and remains positive in the longer-term.
