Genting Malaysia’s fourth quarter revenue RM60 trillion

Genting Casino Malaysia Bhd’s revenue for the fourth quarter ended December 31, 2022 (Q4 2022) rose 32% to RM6.36 billion, mainly from its leisure and hospitality division.

The company said in a statement that adjusted EBITDA for 4Q22 was up 18% at RM1.9 billion compared to RM1.61 billion in 4Q2021.

“Resorts World Sentosa’s revenue and EBITDA grew further in 4QFY2022 as tourism recovered.

Separately, Genting said Resorts World Genting’s revenue in 4Q 2022 was significantly higher than 4Q 2021, mainly due to further relaxation of Covid-19 restrictions and increased business following the reopening of national borders from 1 April 2022.

“The opening of the Genting SkyWorlds theme park in February 2022 also contributed to the growth in non-gaming revenue in 4Q2022.

As a result, EBITDA was higher compared to 4Q2021, primarily due to higher revenues partially offset by higher operating and payroll related expenses in 4Q22.

Genting said for the financial year ending 31 December 2022 (FY22), the group reported revenue of RM22.38 billion and EBITDA of RM7.30 billion, up 65% and 82% from FY21, respectively.

Meanwhile, Genting’s subsidiary Genting Malaysia Berhad reported a 29% increase in total revenue to RM2.43 billion in 4QFY2022.

“However, adjusted ebitda declined by 36% to RM472.9 million. The group also recorded a pre-tax loss of RM372.4 million, compared to a pre-tax profit of RM162.2 million in the same period last year (4Q 2021).

“The group reported a net loss of RM469 million for 4QFY22 compared to a net profit of RM124 million for 4QFY21.”

Genting Malaysia said its total revenue more than doubled to RM8.6 billion in FY22, while adjusted ebitda nearly tripled to RM2.12 billion.

“These improvements were mainly driven by the recovery of the group’s operations in Malaysia. The group’s pre-tax loss narrowed by 70% to RM342.2 million while net loss decreased by 36% to RM667.4 million.”

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