Genting Singapore posts 34% fall in H2 net profit to S$222 million
Its Q4 gaming revenue posts a quarter-on-quarter rise of 26%, mainly due to a strong hold rate, while non-gaming revenue falls 15%
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GENTING Singapore posted a 34 per cent fall in net profit to S$222 million for the half-year ended Dec 31, 2024, from S$334.9 million in the corresponding year-ago period. The decline comes as half-year revenue slid 12 per cent year on year to S$1.2 billion, from S$1.3 billion.
In a bourse filing on Thursday (Feb 20), Genting Singapore noted that the group’s fourth-quarter adjusted earnings before interest, tax, depreciation and amortisation grew 37 per cent quarter on quarter, on the back of better gaming performance.
Gaming revenue in Q4 grew 26 per cent quarter-on-quarter due mainly to a strong hold rate, while non-gaming revenue declined 15 per cent because of seasonality, the impact of a strong Singapore dollar, and elevated travel costs, the company added.
For the full year ended Dec 31, 2024, it posted a 5 per cent rise in revenue to S$2.5 billion, while net profit fell 5 per cent to S$578.9 million.
Earnings per share for FY2024 came in at S$0.0479, from S$0.0507 a year earlier.
The company’s directors proposed a final dividend of S$0.02 per share, unchanged from the amount that shareholders received for the year before.
The dividend is subject to approval by shareholders at the next annual general meeting.
Genting Singapore said that it remained committed to its RWS 2.0 investments, such as the opening of a super-luxury all-suite hotel and the Singapore Oceanarium in Q3 2025.
It also noted that the Thai government has given approval-in-principle to a draft Entertainment Complex Business Act on Jan 13, 2025, which could legalise casinos in Thailand. “We are closely monitoring the development and will continue to evaluate and explore geographical diversification opportunity,” the company added.
Shares of Genting Singapore closed flat at S$0.775 on Thursday, before the results were released.
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