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Genting Singapore reports annual net profit of $456bmillion for 2023

February 23, 2024 Singapore Casino & HotelIndustry Updates

An enormous yearly net profit of over SGD611.6 million (US$456.0 million) for the full year 2023 has been revealed by Genting Singapore Ltd, a casino operator and subsidiary of the Malaysian conglomerate Genting Bhd. This is a 79.8% increase over the previous year. According to the firm’s unaudited data revealed on Thursday, this exceptional success was fueled by a 40.1 percent year-over-year gain in revenue, which came to just about SGD2.42 billion.

Genting Singapore saw a rise in cost of sales of 36.6 percent year over year to SGD1.53 billion as business volumes increased over the year. The company that oversees one of Singapore’s two casino resorts, Resorts World Sentosa, has put out a proposal for a one-tier, tax-free final dividend of SGD0.02 per common share, or SGD241.4 million. With the interim dividend of SGD181.1 million included, the total dividends paid to shareholders in 2023 was SGD422.5 million.

Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) for Genting Singapore’s full year came in at SGD1.03 billion, a startling 32.5 percent increase over the prior year. Over SGD1.65 billion in gaming income was generated during the 12-month period, a 34.1 percent increase from the year before.

The company acknowledged certain potential hurdles ahead but said that its business recovery was picking up momentum after COVID-19 in the statement that accompanied the results. For the entire fiscal year 2023, Resorts World Sentosa recorded adjusted EBITDA of SGD1.06 billion, up from SGD803.0 million the year before. This amount represents almost 86% of adjusted EBITDA prior to the Covid pandemic.

Despite the positive outcomes, Genting Singapore admitted that a number of uncontrollable macroeconomic and geopolitical developments raised questions about the near-term prospects. According to the corporation, the group’s gross trade receivables as of December 31 amounted to SGD396.2 million, with the majority of this amount coming from casino debtors.

The second half of 2023 saw an increase in business volumes in Singapore, with group revenue rising to SGD1.34 billion from SGD1.08 billion in the first half. Gaming revenue in the second half was SGD900.6 million, up 20.6 percent from the first half. After totaling SGD452.5 million in the first half of 2023, adjusted EBITDA increased to SGD573.2 million in the second half.

Additionally, Genting Singapore declared that Andrew MacDonald has been appointed director of Resorts World at Sentosa Pte Ltd, the organization in charge of the casino complex. Having served as the operating entity’s chief casino officer since September 2022, the Nominating Committee and the board concluded that MacDonald had the qualifications and experience necessary for the executive role.

Original story by: GGRAsia

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