Genting Singapore has reported net profit of $611.6 million for FY2023 ended Dec 31, 80% higher y-o-y.
The group’s revenue grew 40% y-o-y to $2.4 billion, while cost of sales grew 37% y-o-y to $1.5 billion.
The Directors have proposed a final dividend of 2 cents per ordinary share for the FY2023, the same figure in FY2022. A tax-exempt final dividend of 2 cents per ordinary share was paid to shareholders on May 24, 2023.
Its earnings per share for the full year is 5.07 cents, up 80% y-o-y from 2.82 cents the same period last year.
Genting’s cash and cash equivalents came in at $3.95 billion for the full year, up from $3.6 billion in the same period a year ago.
Its total assets less current liabilities stood at $8.4 billion for the FY2023, up from $8.2 billion for FY2022.
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Genting says that the post pandemic recovery is gathering momentum, although there is expectation of some potential headwinds. “With the significant recovery of our businesses across the board, the strong increase in revenue has translated to an 80% y-o-y growth of the Group's net profit to $611.6 million,” they note.
In particular, Resorts World Sentosa (RWS) delivered an adjusted ebitda of $1.05 billion, representing around 86% of pre-Covid-19 levels. For the 4QFY2023, gaming revenue growth was “very respectable”, while non-gaming revenue was impacted by various factors such as the strong Singapore dollar, persistently high airfares and accommodation costs, and the slower recovery of Chinese outbound travel.
The group says that RWS became the first integrated resort to be inducted into the Travel Trade Gazette (TTG) Travel Hall of Fame in recognition of its performance during FY2023.
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Although its performance indicates a promising recovery for RWS, the near-term prospects may be unpredictable due to many macroeconomic and geo-political factors beyond our control, says the group.
The ongoing developments taking place at the Forum Lifestyle zone, Universal Studios Singapore’s Minion Land and the Singapore Oceanarium are on track to a soft opening in early 2025.
The tenders have been issued for the new waterfront development, featuring 700 hotel keys and immersive lifestyle offerings, with tender returns expected in the second quarter of 2024.
All seven hotels, including Genting Hotel Jurong, have achieved the Singapore Hotel Sustainability Award from the Singapore Hotel Association.
Shares in Genting Singapore G13 closed 1 cent higher or 0.98% up at $1.03 on Feb 22.
