Genting Malaysia Berhad announced its financial results for the fourth quarter and financial year ended 31 December 2023 (FY23) with total revenue in 4Q23 growing by 12% to RM2,721.5 million while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) improved by 78% to RM843.9 million.
Additionally, the Group reported profit before taxation (PBT) of RM294.2 million as compared to a loss before tax (LBT) of RM372.4 million in the same period last year (4Q22). The Group also registered net profit of RM217.6 million as compared to a net loss of RM469.0 million in 4Q22.
In FY23, total group revenue increased by 18% to RM10,189.4 million while adjusted EBITDA grew by 24% to RM2,632.2 million. The group also achieved PBT of RM674.2 million as compared to LBT of RM342.2 million in the same period last year (FY22). Genting registered a net profit of RM360.8 million as compared to a net loss of RM667.4 million in FY22, representing a turnaround of over RM1.0 billion.
The Group remains cautious of the near-term prospects of the leisure and hospitality industry but is positive in the longer-term.
