Genting Malaysia Returns Q4 Profit, Pays Dividend
Global casino operator Genting Malaysia Bhd on Thursday reported a profit of nearly $124.1 million ($29.5 million) in the fourth quarter of 2021, compared with a loss of $258.2 million a year earlier.
Genting Malaysia declared a special single-tier dividend of MYR.0.09 per common share for the full year 2021, representing the total dividend for the year.
“While the Group continues to take a cautious approach to proactively respond to new trends and challenges stemming from the COVID-19 crisis, the Group remains committed to delivering value and sustainable returns to its shareholders,” Genting Malaysia said in a press release to Bursamaleisha.
The company said its fourth-quarter earnings improvement was “well received by the increase in the size of its business registered with Resorts World Genting following the reopening on September 30, 2021.”
The company added: “The full lifting of interstate travel restrictions from October 11, 2021, further helped restore demand at the resort.”
Genting Malaysia operates Casino Complex Resort World Genting, Malaysia’s only legitimate casino property. The entire complex resort was temporarily closed for four months last year and was allowed to reopen on Sept. 30.
Genting Malaysia posted a loss of MYR 289.25 million in the third quarter of 2021.
The group’s total revenue in the fourth quarter of 2021 rose 81.5% year-over-year to 1.89 billion yuan. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) more than quadrupled year-over-year to 738.1 billion yuan.
Genting Malaysia said its overall 2021 revenue fell 8.2% year-on-year to 4.16 billion yuan. However, adjusted EBITDA more than doubled to 727 million yuan, “mainly driven by a strong recovery registered by the group’s overseas operations,” it added.
Its full-year net loss fell 55.5% to 1.05 billion yuan in the period.
Genting Malaysia’s domestic leisure and hospitality business revenue rose 49.2% to $961.9 million, while adjusted EBITDA more than doubled to $358.1 million.
The group also operates casinos in the U.S. and the Bahamas, the U.K. and Egypt through related businesses. Genting Malaysia said it recorded year-over-year sales improvements in all of those markets.
Going forward, Genting Malaysia said the possibility of reopening Malaysia’s borders, as recently acknowledged by state authorities, would “further support the group’s recovery.” The company added that it was focused on “a gradual rollout among remaining attractions” at Genting Sky World theme park, which opened at Resort World Genting on Feb. 8. 바카라사이트