Genting 4Q revenue jumps 32% to RM6.36bil

PETALING JAYA: Genting Bhd’s revenue for its fourth quarter ended Dec 31, 2022 (4Q22), rose 32% to RM6.36bil, which came mainly from its leisure and hospitality division.

In a statement, the company said adjusted earnings before interest, tax, depreciation and amortisation (ebitda) for 4Q22 of RM1.9bil improved by 18% compared with RM1.61bil in 4Q21.

“Revenue and ebitda from Resorts World Sentosa gained further momentum in 4Q22 with travel recovery.

“However, the higher ebitda had been partially impacted by higher utility tariffs and increased casino taxes.”

Separately, Genting said Resorts World Genting recorded significantly higher revenue in 4Q22 over 4Q21, mainly due to higher business volume following further relaxation of Covid-19 restrictions and the reopening of national borders since April 1, 2022.

“The opening of Genting SkyWorlds theme park in February 2022 has also contributed to an increase in the non-gaming revenue during 4Q22.

Consequently, a higher ebitda was recorded compared with 4Q21 primarily due to higher revenue partially offset by higher operating and payroll related expenses in 4Q22.

For the financial year ended Dec 31, 2022 (FY22), Genting said group revenue of RM22.38bil and ebitda of RM7.30bil registered an increase of 65% and 82% respectively over FY21.

“The improved results are attributed mainly to the better performance of the leisure and hospitality division,” it said.

Meanwhile, Genting’s subsidiary, Genting Malaysia Bhd, saw its total revenue improve by 29% to RM2.43bil in 4Q22.

“However, adjusted ebitda declined by 36% to RM472.9mil. The group also registered a loss before tax of RM372.4mil as compared to a profit before tax of RM162.2mil in the comparable period last year (4Q21).

“The Group reported a net loss of RM469mil in 4Q22 as compared to a net profit of RM124mil in 4Q21.”

In FY22, Genting Malaysia said its total revenue more than doubled to RM8.6bil, while adjusted ebitda improved by almost three times to RM2.12bil.

“These improvements were largely driven by the recovery of the group’s operations in Malaysia. The group’s loss before tax narrowed by 70% to RM342.2mil and net loss decreased by 36% to RM667.4mil,” it said.