For the three months ending 31 March, Genting Berhad reported a significant revenue increase, reaching RM7.43bn (£1.24bn/€1.45bn/$1.58bn), compared to RM5.82bn in Q1 of the previous year.
The group’s revenue growth was driven primarily by its Leisure and Hospitality division, which saw a 35.7% increase.
The Plantation division’s revenue rose modestly by 1.6%.
The overall revenue surge led to a nearly three-fold increase in net profit for Q1. Additionally, the group’s adjusted EBITDA for the quarter increased by 40.4%.
In Q1, the Leisure and Hospitality division’s revenue climbed to RM6.48bn, up from RM4.78bn in 2023.
Resorts World Sentosa in Singapore generated the highest revenue, reaching RM2.76bn, a 73.4% increase from RM2.77bn last year.
Genting attributed this growth to increased visitors and tourism spending during the Chinese New Year festive season and the relaxation of visa regulations between China and Singapore in February 2024.
Resorts World Genting in Malaysia saw a 24.6% revenue increase, reaching RM1.75bn, driven by higher business volumes from both gaming and non-gaming segments.
Outside of Asia, Genting experienced strong growth in the UK and Egypt, with revenue rising 25.5% to RM442.4m due to higher business volumes.
In the US and Bahamas, Q1 revenue totaled RM1.58bn, a 7.0% increase from 2023.
This included Resorts World New York City, Resorts World Bimini, and Resorts World Las Vegas. Genting noted higher revenues at Resorts World New York City and Bimini due to improved operating performance.
In Las Vegas, despite a slight dip in hotel occupancy rates, the average daily rate increased to $298.
In the Plantation segment, revenue reached RM574.7m.
Oil palm plantation revenue increased by 6.7% to RM529.2m, while downstream manufacturing revenue declined by 12.3%.
Power segment revenue fell by 39.6% due to reduced generation from the Banten Plant in Indonesia following scheduled maintenance.
Property segment revenue increased by 24.0%, and Oil and Gas revenue rose by 50%. However, revenue from investments and other activities decreased by 25.7%.
Genting Berhad did not disclose full cost details for the period but reported a 40.2% increase in adjusted EBITDA, reaching RM2.57bn.
After accounting for certain costs, the pre-tax profit stood at RM1.38bn, a 143.0% increase from the previous year.
The group paid RM381.8m in taxes during the period, resulting in a net profit of RM998.6m, nearly three times the RM295.2m reported the previous year.
Earnings per share rose to RM15.29 in Q1, up from RM2.55 in 2023.
Genting Berhad’s robust performance in Q1 highlights significant growth across its key divisions, particularly in Leisure and Hospitality.
This, combined with strategic improvements and favorable conditions in various regions, has driven substantial increases in both revenue and profit, setting a strong foundation for the remainder of the fiscal year.