Genting Singapore posted FY24 earnings of SG$578.9 million ($433.1 million), reflecting a 5% year-on-year decline. Earnings per share also fell by 6% to SG$0.479 ($0.36). Despite a 5% revenue increase to SG$2.53 billion, higher costs and inflationary pressures contributed to lower profitability.
Gross profit declined 5% to SG$836.1 million, while second-half earnings saw a steeper 34% drop to SG$221.96 million. Revenue for 2H24 totaled SG$745.6 million, down 17% year-on-year. The company declared a final dividend of SG$0.2 ($0.15) per share, payable on May 24, 2025, with cash reserves standing at SG$3.58 billion.
Although Genting’s revenue has surpassed pre-pandemic levels, adjusted EBITDA fell 6% to SG$960.1 million. However, in Q4, EBITDA rose 37% quarter-on-quarter, supported by a 26% surge in gaming revenue. Non-gaming revenue, however, dropped 15% due to seasonality, currency fluctuations, and higher travel costs.
Genting reaffirmed its commitment to its RWS 2.0 expansion to solidify its market leadership. Additionally, the group is monitoring Thailand’s progress on potential casino legalization, exploring new growth opportunities.
