Genting Singapore (G13) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 rose 25% year-over-year to $1,355.8 million, driven by strong growth in both gaming and non-gaming segments.

• Net profit attributable to shareholders increased 29% year-over-year to $356.9 million.

• Adjusted EBITDA improved 26% to $570.8 million, reflecting robust operational performance despite some Q2 headwinds.

• Interim dividend of 2 cents per share declared, up from 1.5 cents in the prior year period.

Financial highlights

• Gaming revenue grew 28% year-over-year to $957.6 million; non-gaming revenue rose 20% to $393.2 million.

• Gross profit increased 20% to $484.2 million; operating profit up 29% to $450.9 million.

• Basic and diluted EPS both rose 29% to 2.96 and 2.95 cents, respectively.

• Net cash generated from operating activities was $439.1 million, up from $385.1 million a year ago.

• Net asset value per share increased to 68.8 cents from 67.9 cents at year-end 2023.

Outlook and guidance

• Travel industry recovery expected to continue in 2024, though full pre-pandemic visitor levels may face headwinds from regional competition and geopolitical tensions.

• New attractions and partnerships, including Minion Land and Singapore Oceanarium, are on track for soft opening in early 2025.

• Ongoing efforts to enhance Resorts World Sentosa's appeal and sustainability, with several global events and partnerships planned for H2 2024.