Universal Entertainment posts net income of US$189m for 2023

Net income attributable to parent owners was up 147.2 per cent in year-on-year terms.

The Philippines.- Universal Entertainment has shared its financial results for the fiscal year 2023. The company posted net sales of JPY179bn (US$1.2bn), up 26 per cent year-on-year and an operating profit of JPY30.5bn (US$203m), up 152 per cent.

Universal Entertainment posted a 147.2 per cent increase in net income attributable to owners of the parent at JPY28.4bn (US$189m) in 2023. A large part of the company’s strong performance was attributed to its amusement equipment business, where sales and earnings rose due to high demand for machines that comply with the 6.5 standard and smart Pachislot devices.

In the integrated resort business, the company said visitors to Okada Manila steadily increased. It said it will target demand within the Philippines.

Okada Manila posted net sales of JPY96.9bn (US$646.3m), up 35.1 per cent year-on-year, and an operating profit of JPY14.3m, up 280 per cent. Adjusted segment EBITDA was JPY29.9m in 2023, up 54.9 per cent.

According to the company, “Overall, EBITDA after adjustments rose to a record high in 2023 in the IR despite a temporary downturn in revenues caused by an IT system problem.”

For 2024, Universal Entertainment anticipates an 11.7 per cent increase in net sales to JPY200bn (US$1.33bn) and a decline in profit attributable to parent shareholders of approximately 31 per cent to JPY130m (US$19.6bn).

See also: Okada Manila describes Emerald Bay project as “next step” expansion