Genting Malaysia reports $486.9m in revenue for Q2

Home » Genting Malaysia reports $486.9m in revenue for Q2

Genting Malaysia has released its H1 2022 results, as well as information on the company’s Q2 2022 financial performance.
Revenue for the quarter totaled RM 2.18 billion ($486.9 million), more than doubling the previous year’s total of RM 817.9 million.
Revenue for H1 totaled RM 3.90 billion, up from RM 1.44 billion in H1 2021.

These impressive revenue figures can be attributed to an increase in Malaysian leisure and hospitality businesses as a result of the easing of pandemic-related restrictions.

Genting also reported improved leisure and hospitality business performance in the United Kingdom, the United States, and Egypt, as well as an increase in non-gaming revenue following the opening of Genting SkyWorlds in February 2022.

Adjusted EBITDA was RM 619.5m, a significant increase from the previous total of RM 45.6m.

The quarter’s gross profit was RM 542.6m, a significant improvement over the previous year’s loss of RM 42.8m.

Q2 profit before tax was RM 50.6 million, compared to a loss before tax of RM 371 million in Q2 2021. This is due to higher adjusted EBITDA and an RM 66.8m impairment loss on the Resorts World Bimini assets.

“The global economic environment is expected to remain challenging from continued headwinds posed by geopolitical tensions and reduced macroeconomic support amid high inflation,” the group said.

“Against the backdrop of slowing global growth, Malaysia’s economic recovery momentum is expected to persist, supported by domestic demand.”

Genting Singapore announced plans to attract new visitors in May as the region recovered from the effects of Covid-19.

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