Genting Singapore has reported lower earnings of SG$578.9 million ($433.1 million) for FY24, ending December 31st, 2024, marking a 5 percent year-on-year decline.
According to the latest financial results announced on Thursday, the integrated resort group also reported a 6 percent year-on-year decline in earnings per share, which stood at SG$0.479 ($0.36) for the reporting period.
Revenue for FY2024 reached SG$2.53 billion, up 5 percent year-on-year from SG$2.4 billion ($1.8 billion) reported in the same period a year ago.
Gross profit for FY2024 fell by 5 percent year-on-year to SG$836.1 million, compared to SG$882.8 million ($660.5 million) in FY2023. For the second half of FY2024, the group reported a 34 percent year-on-year decrease in earnings, amounting to SG$221.96 million ($166.1 million), down from SG$425.5 million ($318.3 million) in the same period last year. Revenue for 2H24 was 17 percent lower year-on-year, totaling SG$745.6 million ($557.8 million).
Genting Singapore has declared a final dividend of SG$0.2 ($0.15) per ordinary share for FY2024, payable to shareholders on May 24th, 2025. The group’s cash and cash equivalents stood at SG$3.58 billion for FY2024, with SG$1.42 billion ($1.1 billion) at the company level.
While the group’s revenue of SG$2.53 billion ($1.9 billion) has surpassed pre-COVID levels, Genting has cited rising costs and inflationary pressures as significant challenges. These factors contributed to a 6 percent decline in adjusted EBITDA, which stood at SG$960.1 million ($718.3 million).
In 4Q24, Genting’s adjusted EBITDA grew by 37 percent quarter-on-quarter, driven by improved gaming performance, with gaming revenue increasing 26 percent due to a strong hold rate. However, non-gaming revenue declined 15 percent, impacted by seasonality, a strong Singapore dollar, and elevated travel costs.
Genting has reaffirmed its commitment to its RWS 2.0 transformative investments, aiming to further strengthen its position as the region’s premier destination while driving sustainable growth for its stakeholders.
At the group level, Genting noted that the Thai cabinet had approved, in principle, a draft Entertainment Complex Business Act on January 13th, 2025, which could pave the way for the legalization of casinos in Thailand. ‘We are closely monitoring the development and will continue to evaluate and explore geographical diversification opportunities,’ the group stated.
