Malaysian-based supplier RGB International has reported profit growth of 418 percent yearly, to RM10.5 million ($2.3 million), for the quarter ended March 31st, 2023.
In its 1Q23 results announcement, RGB outlined the improved performance, with its consolidated revenues rising by 197 percent year-on-year to RM95.2 million ($20.7 million). However, revenues were down 21 percent compared to the 4Q22.
The Sales and Marketing segment revenues jumped 367 percent, to RM69 million ($15.0 million), with profit up 345 percent to RM10.4 million (US$2.3 million), mainly due to an increase in number of products sold, the company stated.
The revenue for the Technical Support and Management (TSM) division increased by 52 percent, at RM25.6 million ($5.6 million), due to better performance and an increase in operating capacity in most of the outlets.
Regarding Engineering Services, RGB reported that its revenue rose by 486 percent, to RM533,000 ($116,000).
RGB International mentions in the quarterly results that the tourism and hospitality industries are “expected to continue recovering”, aided by the increase in international travellers, especially in the regions where the Group operates.
“Based on the favorable market outlook, the Group expects to perform better in financial year ending 31 December 2023, backup by the strong orders secured to date, despite facing inflationary pressure on its operating costs,” notes the company.
Hong Kong-listed International Entertainment, a gaming and hotel operator in the Philippines, recently announced that it is purchasing a further 382 slot machines from RGB for some $5.73 million, to be placed in its New Coast Hotel Manila property.