NagaCorp posts net profit of US$83m for H1

NagaCorp’s net profit in the first half of the year was up 57.4 per cent from a year ago.

Cambodia.- Casino operator and developer NagaCorp has shared its operating results for the first half of the year. It posted gross gaming revenue (GGR) of US$252.3m, up 57.4 per cent when compared to H1 in 2022.

Net Profit was up 57.4 per cent to US$83m in year-on-year terms while earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$143.2m, 10.1 per cent higher than in the prior-year period. NagaCorp’s total revenue was US$263m, up 9.8 per cent year-on-year.

Mass-market and premium VIP market segments had a gross profit margin of 83 per cent (net of gaming tax), accounting for 90 per cent of the group’s GGR and 93 per cent of gross profit. GGR from the VIP market was up 19.5 per cent to US$62.9m while mass-market table GGR was down 5.1 per cent to US$98m. Electronic table game operations revenue was up 7.1 per cent to US$64.9m. 

Hotel room income, including sales of food and beverages, was US$10.7m. The Group’s cash and bank balances (including restricted bank balances) have further increased from US$175.2m as of 31 December 2022 to US$261.3m as of 30 June 2023.

The company said: “[NagaCorp] continued to see a positive business recovery during the Period and reported steady YoY growth across key financial metrics.

“This steady recovery in business volumes were largely driven by continued tourism recovery in Cambodia from ASEAN and the gradual return of business travellers from China, driving increased footfall to NagaWorld. 

“NagaWorld continues to benefit from the growing domestic captive market in Cambodia which has proven to be a self-sustaining business, with recurring visitation to the property during the period.”

As for prospects for the following months, the company said: “Cambodia is expected to continue its upward trajectory of recovery with the influx of tourist arrivals, business visitation and the expected surge in FDI into the country resulting in an increased number of investors and a growing domestic expat population. 

“The group believes that NagaWorld –the only integrated resort in Phnom Penh will benefit from this with increasing footfall from customers seeking entertainment and luxurious lifestyle offerings at competitive price and value. As such, the group remains optimistic on the long-term prospects and believes the outlook will remain stable.”

See also: NagaCorp pushes Naga 3 casino project back to 2029