Genting Singapore (G13) Q4 2024 earnings summary

Executive summary

• Revenue grew 5% year-over-year to $2.53 billion, surpassing pre-Covid levels, driven by both gaming and non-gaming segments.

• Net profit declined 5% to $578.9 million, impacted by rising costs and inflationary pressures.

• Adjusted EBITDA fell 6% to $960.1 million, with a strong Q4 gaming performance offset by weaker non-gaming revenue.

• Final dividend of 2 cents per share proposed, matching the previous year.

Financial highlights

• Gross profit decreased 5% to $836.1 million; operating profit down 6% to $727.2 million year-over-year.

• Administrative expenses rose 3% and selling/distribution expenses increased 8% year-over-year.

• Depreciation and amortisation totaled $355.9 million, down 3% from prior year.

• Net cash from operating activities was $859.7 million, down from $958.5 million in 2023.

• Total annual dividend paid increased to $482.9 million from $422.5 million.

Outlook and guidance

• RWS 2.0 transformation and new attractions, including Minion Land and Singapore Oceanarium, to drive growth from Q3 2025.

• Technological upgrades and AI integration expected to enhance productivity and guest experience.

• Monitoring potential casino legalisation in Thailand for geographic expansion opportunities.