Genting Malaysia reports $486.9m in revenue for Q2
Genting Malaysia has published its H1 2022 results while detailing the company’s Q2 2022 financial performance.
Revenue for the quarter amounted to RM 2.18bn ($486.9m), representing a significant increase of more than double last year’s total of RM 817.9m.
Revenue for H1 totalled RM 3.90bn, rising from H1 2021’s RM 1.44bn.
These impressive revenue figures can be attributed to a boost given to Malaysian leisure and hospitality businesses following the easing of pandemic-related restrictions.
Additionally, Genting noted an improved leisure and hospitality business performance in the UK, US and Egypt, as well as an increase in non-gaming revenue following the opening of Genting SkyWorlds in February 2022.
Adjusted EBITDA amounted to RM 619.5m, quite a jump when compared to the previous total of RM 45.6m.
Gross profit for the quarter stood at RM 542.6m, a marked improvement from the previous year’s loss of RM 42.8m.
Q2 profit before tax amounted to RM 50.6m, compared to a loss before tax of RM 371m in Q2 2021. This result can be attributed to higher adjusted EBITDA and an impairment loss of RM 66.8m on the Resorts World Bimini assets.
Looking forward, the group noted: “The global economic environment is expected to remain challenging from continued headwinds posed by geopolitical tensions and reduced macroeconomic support amid high inflation.
“Whilst set against the backdrop of slowing global growth, economic recovery momentum in Malaysia is expected to persist, supported by domestic demand.”
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