Genting Singapore H2 profit rises 31% to S$334.9 million on strong post-pandemic recovery

 

INTEGRATED resort operator Genting Singapore posted a 31 per cent rise in net profit to S$334.9 million for the second half of 2023, from S$255.7 million in the previous corresponding period.

 

This was mainly due to the significant post-pandemic recovery of its businesses across the board, leading to strong revenue gains, the company said in a regulatory filing on Thursday (Feb 22).

 

Revenue for H2 rose 26 per cent to S$1.3 billion, from S$1.1 billion a year earlier.

 

Earnings per share stood at 5.07 Singapore cents for the full year ended Dec 31, 2023, up from 2.82 cents the previous year.

 

A final dividend of 2 Singapore cents per share was proposed for the full year, unchanged from the year before, for shareholders&rsquo approval at the upcoming annual general meeting. The date payable will be announced later.

 

For the full year ended December 2023, net profit was up 79.8 per cent to S$611.6 million. Revenue was up 40.1 per cent to S$2.4 billion.

 

&ldquo The group&rsquo s FY2023 performance has demonstrated a vigorous recovery, particularly with Resorts World Sentosa (RWS) bouncing back to levels nearing the pre-pandemic period,&rdquo said Genting Singapore.

 

However, it added that the near-term prospects may be unpredictable as there are many macroeconomic and geopolitical factors beyond its control.

 

The company will focus on ongoing developments in RWS, such as the Forum Lifestyle zone and Universal Studio Singapore&rsquo s Minion Land, which are headed for a soft opening in early 2025.

 

Tenders have also been issued for a new waterfront development featuring 700 hotel rooms and lifestyle offerings, with tender returns expected to come in the second quarter of 2024.