KUALA LUMPUR: Genting Malaysia Bhd’s net profit saw a significant increase, tripling to RM569.16 million in the third quarter ended September 30, 2024, compared to RM177.41 million in the same quarter last year. This rise is attributed to a 75 percent increase in adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA).

According to BERNAMA News Agency, the improved adjusted EBITDA includes net unrealised foreign exchange translation gains, rising to RM1.31 billion in 3Q 2024 against RM747.6 million previously. The company disclosed this information in a filing to Bursa Malaysia.

The group reported a year-to-date (YTD) adjusted EBITDA of RM2.74 billion as of September 2024, a 53 percent increase from RM1.79 billion in the same period in 2023. This growth was mainly driven by increased revenue, though it was partially offset by higher operating expenses, including payroll-related costs across all business segments.

Genting Malaysia’s revenue rose to RM2.75 billion in 3Q 2024 from RM
2.71 billion previously, primarily due to higher revenue from the leisure and hospitality sectors in the United Kingdom and Egypt. In Malaysia, revenue from the leisure and hospitality sector increased by 9.0 percent year-on-year, largely due to a higher business volume.

Internationally, revenue from the leisure and hospitality businesses in the UK and Egypt grew by 17 percent to RM1.45 billion, also due to increased business volume. Looking ahead, Genting Malaysia expressed cautious optimism about the short-term prospects of the leisure and hospitality industry and remains positive about its long-term outlook.