Nagacorp approves final dividend for shareholders

Nagacorp reported Gross Gaming Revenue of US$878.7m for the year 2020.
Nagacorp reported Gross Gaming Revenue of US$878.7m for the year 2020.

Nagacorp has approved a motion to pay out a final dividend for the year ending December 31 2020.

Cambodia.- Casino operator and developer NagaCorp has announced that the payment of a final dividend for the year 2020

According to a note sent to the Stock Exchange of Hong Kong, the decision, which was approved by the board at its 2021 annual general meeting, was almost unanimous.

In April, the company suggested a final dividend of US$0.0188 per share based on the net profit generated for the second half of 2020.

Nagacorp reported net profit of US$102.3m and a gross profit of US$427m, compared to US$846.3m the previous year.

The casino operator also reported Gross Gaming Revenue of US$878.7m for the year 2020, against US$1.8bn recorded in 2019.

NagaCorp faced a temporary closure of its Cambodian property for over three months and a reduced level of tourist visits throughout the year 2020. 

In March, the NagaWorld casino complex suspended its activities again after 11 staff members tested positive for Covid-19.

Although Cambodia’s prime minister, Hun Sen, announced the end of the latest restrictions in the capital Phnom Penh from May 6, it is still unknown when NagaWorld will reopen its doors.

Due to this situation, NagaCorp said it will cut 15 per cent of staff, equivalent to 1,300 jobs, as it continues to struggle with the impact of the Covid-19 pandemic.

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