Friday, December 9, 2022

Genting Malaysia back in black with 29 5m in Q4 net profit

Genting Malaysia Berhad returned to profitability for the fourth quarter of 2021, generating more than MYR 124m ($29.5m) in net profit, a considerable improvement over Q4 2020’s MYR 258m loss.

The reopening of Resorts World Genting on 30 September, as well as the general easing of Covid-19 restrictions, drove the company’s quarterly performance to healthy levels.

For Q4, Genting Malaysia’s gross profit amounted to MYR 453m, up by more than 900% year-on-year from the prior-year period’s MYR 45m sum, and despite a more than MYR 400m increase in the company’s cost of sales.

However, Genting Malaysia’s healthy fourth-quarter performance wasn’t enough to return it to profit on a full-year basis.

For 2021 as a whole, the company reported an approximately MYR 1bn loss, though this still represents a marked improvement over its more than MYR 2bn loss for 2020.

And this was despite a full year drop in revenue, which amounted to nearly MYR 4.16bn for 2021, down 8.2% from the previous year’s MYR 4.5bn.

Meanwhile, gross profit on a whole year basis amounted to MYR 155m, up from 2020’s MYR 101m loss and driven by a more than MYR 600m decline in Genting Malaysia’s whole-year cost of sales. This all came, as well, despite “the challenging operating environment” caused by Covid-19 restrictions.

“While the group maintains its prudent approach to ensure that it continues to be well positioned financially to proactively respond to emerging trends and challenges in the wake of the Covid-19 crisis, the group remains committed to delivering value and sustainable returns to shareholders,” said Genting Malaysia.

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