KUALA LUMPUR, Genting Malaysia Bhd’s net profit for the second quarter ended June 30, 2024 (2Q 2024), rose to RM82.24 million from RM47.12 million in 2Q 2023.
Revenue increased by 8.0 per cent to RM2.67 billion from RM2.47 billion previously.
In a filing with Bursa Malaysia today, it said the better performance was mainly influenced by higher revenue from its leisure and hospitality business in Malaysia, the United Kingdom (UK), Egypt and the United States (US).
Its leisure and hospitality business in Malaysia saw a 5.0 per cent year-on-year (y-o-y) increase in revenue to RM81.9 million, driven by higher business volume from Resorts World Genting’s gaming and non-gaming segments.
‘Leisure and hospitality businesses in the UK and Egypt’s revenue rose by 20 per cent y-o-y or RM78.6 million to RM468.8 million from RM390.2 million in 2Q 2023 due to higher volume of business.
‘Revenue from the segment in the US and the Bahamas increased by 11 per cent or RM52.3 million, primarily due to the higher contributi
ons from Resorts World New York City (RWNYC) and Resorts World Bimini due to its improved operating performance,’ it said.
On prospects, the group is cautiously optimistic about the near-term and long-term prospects of the leisure and hospitality industry.
‘In Malaysia, Genting remains focused on leveraging its integrated resort offerings to capitalise on the ongoing recovery in regional travel.
‘The group’s investment in new and refreshed products and lifestyle experiences is part of an ongoing strategy to strengthen its position as a premier tourism destination and drive further growth,’ it said.
Moving forward, the group will continue to focus on enhancing business resilience by reorganising operations for greater efficiency and productivity, while expanding its overall market share in the UK.
Meanwhile, in the US, the group will continue enhancing its marketing initiatives to drive visitations and expand its customer database, while leveraging synergies between RWNYC and Empire’s assets to improve ov
erall returns.
Genting Malaysia also declared an interim single-tier dividend of 6.0 sen per ordinary share in respect of the financial year ending Dec 31, 2024, payable on Oct 7, 2024.
Source: BERNAMA News Agency
