Genting Malaysia reports net loss for Q4

The company posted a net loss of RM485.6m for the last three months of 2024.

Malaysia.- Genting Malaysia has shared its financial results for the fourth quarter of 2024. Revenue was flatish at RM2.68m (US$604.3m) while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was RM180.6m (US$41m), down 78.6 per cent year-on-year and 86.2 per cent quarter-on-quarter. The decline was mainly attributed to net unrealised foreign exchange translation losses on the group’s USD-denominated borrowings.

The company posted a loss before taxation (LBT) of RM368.2m and a net loss of RM485.6m. Excluding the effect of the unrealised foreign exchange translation, the group would have reported LBT of RM11.3m and a net loss of RM128.7m.

Revenue in the leisure and hospitality segment in Malaysia was down 1 per cent to RM1.17bn (US$263.8m), while adjusted EBITDA was down 7 per cent, to RM490.4m (US$110.57m). The company attributed this to higher operating expenses during the period.

In the United Kingdom and Egypt, the group reported a 4 per cent increase in revenue to RM446.4m (US$100.6m). Adjusted EBITDA declined by 39 per cent to RM55.2m (US$12.45m), mainly due to higher operating and payroll-related expenses.

In the United States and the Bahamas, the group’s leisure and hospitality operations experienced increased contributions from Resorts World New York City (RWNYC). However, the overall revenue declined by 1 per cent to RM461.7m (US$104.1m) due to the strengthening of the RM against the US dollar. The group reported a reduction in adjusted EBITDA of 42 per cent to RM75.9m (US$17.11m).

For the full year 2024, Genting Malaysia’s revenue increased by 7 per cent to RM10.7bn (US$2.41bn) while adjusted EBITDA grew by 1 per cent to RM2.92bn (US$658.4m). In Malaysia, the group’s leisure and hospitality operations reported a 6 per cent growth in revenue to RM6.28bn (US$1.42bn) while adjusted EBITDA was up 1 per cent to RM2.1bn (US$473.5m).

In the UK and Egypt, the Group’s leisure and hospitality business recorded a 14 per cent increase in revenue to RM1.89bn (US$426.16m), and a 2 per cent increase in adjusted EBITDA to RM297.9m (US$67.2m). In the US and the Bahamas, leisure and hospitality operations reported a 6 per cent increase in revenue to RM1.98bn (US$446.45m). Adjusted EBITDA was down 4 per cent to RM530.2m (US$119.55m), mainly due to higher operating and payroll related expenses.

The company stated: “In Malaysia, the group remains focused on strengthening its yielding capabilities, enhancing operational efficiencies and leveraging database marketing to optimise performance. Efforts will also be directed toward refining marketing strategies to increase visitation at RWG, whilst maintaining a diverse range of offerings that deliver maximum value to guests.

“Additionally, the group will continue to place emphasis on effective cost management to maintain resilience and ensure business agility in an evolving operating environment. Ongoing investments in infrastructure upgrades and new attractions at Genting Highlands, including new ecotourism experiences set to launch this year, will further elevate the group’s offerings.

“In addition, to celebrate the Genting Group’s 60th anniversary, a series of promotional events and activities will be introduced throughout the year to attract more visitors to RWG.”

See also: Genting Singapore reports rise in 2024 revenue

The company posted a net loss of RM485.6m for the last three months of 2024. Malaysia.- Genting Malaysia has shared its financial results for the fourth quarter of 2024. Revenue was flatish at…