Asia bulletin: SJM Holdings makes HK$6.1bn in revenue for FY2022

SJM Holdings has generated HK$6.1bn (US$780m) in full-year revenue for 2022 (FY2022), a 37% decrease year-on-year.  

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One of Macau’s biggest operators, SJM Holdings also saw adjusted EBITDA decrease by 96% year-on-year to negative HK$3.1bn.  

The company also saw its yearly losses widen 88% to HK$7.78bn, with a loss per basic and diluted share increase of 80% from the prior year.

Comparatively, SJM Holdings generated more revenue than competitor MGM China for the period, which posted net revenue just short of HK$5.3bn.

These negative results for the Macau-based operator come as no surprise, given the extensive lockdown periods felt throughout Macau and China’s mainland throughout 2022 – a year that marked a third consecutive year of anti-Covid 19 measures. 

In addition, the losses felt by SJM throughout this pandemic-laden period do not help its aims of improving its market share in Macau, where it currently holds 15.8% of the market. The rest is shared by its competitors, Macau’s five other concession holders. 

There was one bright spot for SJM Holdings, however, in that it generated HK$623m in revenue from hotel, catering, retail, leasing and other associated income, up 5% from 2021.  

Despite these modest gains, it’s worth noting that the hotel, catering and retail segment of SJM Holdings’ business is its smallest and least profitable.  

Operating out of the Grand Lisboa Palace in Macau, SJM Holdings said it hopes to break even in adjusted EBITDA for FY2023. This may not be as difficult as the company’s 2022 results suggest, given that China largely ended its lockdown measures at the start of 2023. 

The region has seen visitation rise dramatically in the months since, with the region’s concessionaires expected to post Q1 results in the spring.  

The extent of SJM Holdings’ initial post Covid-19 recovery will start to take shape then. 


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