Genting Malaysia Berhad has reported its financial results for its H1 and Q2 2024 reports.
For Q2 2024, the company's revenue rose by 8% to RM2.67bn ($0.62bn), while adjusted EBITDA saw a significant increase of 72% to RM770.4m. The profit before taxation (PBT) and net profit more than doubled, reaching RM203.2m and RM62.8 million, respectively.
For 1H24, Genting Malaysia's revenue grew by 14% to RM5.43bn, with adjusted EBITDA increasing by 37% to RM1.42bn. The company reported a net profit of RM99.4m, a notable turnaround from a net loss of RM15.1 million in the same period last year.
The company's leisure and hospitality business in Malaysia, the UK, Egypt, the US and the Bahamas all saw increased revenues due to higher business volumes and improved operational performance. However, higher operating and payroll expenses affected EBITDA margins in some regions.
Notably, net foreign exchange translation gains contributed to the improved EBITDA figures. Additionally, the board has declared an interim single-tier dividend of 6.00 sen per ordinary share, reflecting the company's commitment to providing sustainable returns to shareholders.
Genting’s outlook was cautiously optimistic. In Malaysia, the company will focus on its integrated resort to capitalise on the recovering regional travels.
In the UK, the operator plans to expand its market share and reorganise operations for greater efficiency. In the US, the company aims to emphasise marketing initiatives to drive visitations and expand its customer database with RWNYC and its Empire assets.
Earlier, Genting Singapore also reported a revenue increase of 29%.
