Genting Malaysia revenue up 29% in Q4
Genting Malaysia’s revenue reached MYR2.43bn, up 7 per cent quarter-on-quarter.
Malaysia.- Genting Malaysia has shared its financial results for the fourth quarter of 2022. Revenue was MYR2.43bn, up 7 per cent when compared to the previous quarter and up 29 per cent year-on-year.
The increase was attributed to higher revenue from the leisure and hospitality business in Malaysia amid a further relaxation of Covid-19 restrictions and reopening of national borders from April 2022. The opening of Genting SkyWorlds theme park in February 2022 also contributed to an increase in non-gaming revenue.
The United States and the Bahamas contributed increased revenue for fourth quarter. The revenue from leisure and hospitality businesses in these countries has increased by MYR109.0m, largely due to higher contributions from non-gaming revenue.
However, not all regions generated an increase in revenue for the company. Revenue from the United Kingdom and Egypt was down 23 per cent to MYR98.1m. This is attributed to the impact of inflation and weaker consumer confidence. There was also a year-on-year decrease in revenue from the property segment due to proceeds from the sale of land in Malaysia in the fourth quarter of 2021.
Group earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased 35.9 per cent from the prior-year quarter to MYR472.9m. Quarter-on-quarter, EBITDA was down 22.4 per cent. Loss before taxation was MYR372.4m compared with a profit of MYR162.2m the previous year.
The company’s revenue for full-year 2022 more than doubled from the previous year, reaching MYR8.6bn. EBITDA improved almost threefold to MYR2.12bn and the loss attributable to shareholders decreased by 45.1 per cent year-on-year to MYR520.0m.
The company said: “The group will continue to focus on ramping up its operations at RWG to pre-pandemic capacity whilst building on its service delivery and product offerings to enhance the quality of guest experience.
“The group will also leverage its quality assets to grow key business segments and attract incremental foreign visitation to the resort given the anticipated improvement in the pace of recovery in leisure travel following the recent relaxation of travel restrictions in the wider region.”