Magnum 1Q net profit more than doubles to RM16.5mil

KUALA LUMPUR: Magnum Bhd’s net profit more than doubled to RM16.65mil in the first quarter ended March 31, from RM7.51mil in the same period last year on higher revenue.

The numbers forecast operator (NFO) saw its revenue rise 30.5% to RM501.04mil in the first quarter against RM383.9mil a year prior.

Magnum said the higher group revenue and pre-tax profit are mainly attributable to the gaming division.

Gaming sales in the first quarter stood at RM501mil is higher than the previous year's corresponding quarter by 30.5% or RM117.1mil.

It explained that gaming sales in the previous year's corresponding quarter had been adversely affected by the announced movement control order 2.0 whereby only sales outlets in Sarawak were allowed to operate during 18 draws from Jan 13, 2021 to Feb 14, 2021.

“As we move towards the endemic phase, the public confidence seems to have recovered as more social and economic activities begin to normalise and these will translate into opportunities for a stronger rebound of the gaming industry from FY22 and onwards,” Magnum said in the notes accompanying its results.

It added that the ongoing investments in the transformation programme that sets the foundations to futureproof the business started to bear some positive results as it had started the process of digitalising and streamlining its operational processes in stages to improve both the efficiency as well as the effectiveness of these processes.

“Moving forward, to match the rapid evolution of our customers’ behaviour, we have introduced many digital experiences that augment all touchpoints and ultimately define a lifetime journey that drives satisfaction towards our brand as well as our products.

“We look forward to the Government’s continued efforts in clamping down on illegal betting activities which will ultimately increase the revenue and market share of the legal NFO industry in general and Magnum's in particular,” Magnum said.

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