Analysts at Bernstein say the reopening of borders in Singapore will allow Genting Singapore to report revenue and profit for the rest of the year.
Singapore.- Vitaly Umansky, an analyst at Bernstein, has predicted that Genting Singapore will report revenue and profit growth for the remainder of 2022 and into 2023 after Singapore reopened its borders to tourism for fully vaccinated visitors today (April 1).
Growth will, however, be limited due as travel restrictions are expected to continue in China, which makes up about 30 per cent of the company’s business. Genting Singapore reported earnings of S$95.1m (US$70.7m) for the second half of 2021. Revenue for the period was 17 per cent lower, at S$512.5m (US$381.2m).
For the full year, the group’s revenue improved marginally to S$1.067bn from S$1.064bn in 2002. Net profit was up 165 per cent at S$183.3m (US$136.3m).
Singapore received 330,000 foreign visitors in 2021
The Singapore Tourism Board (STB) reported a rise in foreign tourist arrivals in the latter part of 2021. According to the STB, 330,000 foreign tourists arrived in Singapore in 2021, generating tourism receipts of around S$1.9bn.
The figure was still down when compared to 2020, due to a strong tourism performance in the first two months of 2020 before the Covid-19 pandemic. However, authorities reported tourist arrivals were up 221 per cent year-on-year in the last quarter of 2021 due to the reopening of borders.