Genting Malaysia Berhad has released its financial results for the first half and second quarter of 2024, showing positive growth and promising numbers for the company. In Q2 2024, the operator’s revenue climbed to RM2.67bn ($0.62bn), marking an 8% increase from the previous period. Adjusted EBITDA also saw a substantial boost, rising by 72% to RM770.4m. The company’s profit before taxation (PBT) and net profit more than doubled, soaring to RM203.2m and RM62.8 million, respectively.

Looking at the bigger picture, in the first half of 2024, Genting Malaysia’s revenue experienced a 14% growth, reaching RM5.43bn. Adjusted EBITDA also saw a healthy increase of 37%, amounting to RM1.42bn. The company reported a net profit of RM99.4m, a significant turnaround from a net loss of RM15.1 million in the same period last year.

The success was attributed to the company’s leisure and hospitality business in various regions such as Malaysia, the UK, Egypt, the US, and the Bahamas. Higher business volumes and improved operational performance were key factors driving increased revenues. However, EBITDA margins were impacted in some regions due to higher operating and payroll expenses.

Net foreign exchange translation gains also played a role in the improved EBITDA figures, highlighting the company’s ability to navigate economic challenges. The board has responded to these positive results by declaring an interim single-tier dividend of 6.00 sen per ordinary share, demonstrating a commitment to providing sustainable returns to shareholders.

When discussing Genting’s future outlook, the company expressed cautious optimism. In Malaysia, the focus will be on capitalizing on the recovering regional travel market through its integrated resort. In the UK, plans are in place to expand market share and improve operational efficiency. In the US, marketing initiatives will be emphasized to drive visitations and expand the customer database with assets like RWNYC and Empire.

In a related development, Genting Singapore also reported a revenue increase of 29%, showing a positive trend for the company as a whole. The casino industry is showing resilience and adaptability, as operators like Genting continue to navigate challenges and drive growth in a changing landscape.