Genting Singapore reports net profit rose by 80% YoY to $611.6M in FY23

SINGAPORE: Genting Singapore has announced remarkable financial results for the fiscal year 2023, with a staggering 80% year-on-year surge in net profit, reaching $611.6 million.

Genting Singapore is a subsidiary of Genting Group and operates Resorts World Sentosa, a major integrated resort in Singapore. It includes a casino, hotels, Universal Studios Singapore, and other attractions. The company is involved in leisure and hospitality, focusing on gaming and entertainment.

The company’s robust performance in 2023 was underscored by an 80% YoY increase in earnings per share (EPS), reflecting the substantial growth in its bottom line. Genting Singapore closed FY23 with a heightened EPS of $0.0507.

Driving this impressive financial outcome is the company’s substantial revenue growth, which witnessed a 40% YoY improvement, soaring to $2.4 billion.

This notable uptick in revenue is attributed to Genting Singapore’s “significant recovery” across its business spectrum, encompassing various sectors, notably Resorts World Sentosa (RWS).

Resorts World Sentosa, a flagship integrated resort under Genting Singapore’s umbrella, played a pivotal role in the company’s stellar performance.

In FY23, RWS reported an adjusted EBITDA of $1.1 billion, equivalent to 86% of pre-Covid adjusted EBITDA, showcasing a robust rebound in its operational and financial metrics.

Genting Singapore’s latest financial statement indicates a holistic recovery, emphasizing the resilience and adaptability of its business model.

The company’s strategic positioning seems to have played a key role in navigating the challenges of ongoing global circumstances.

Investors and stakeholders keenly observe these developments, anticipating the company’s future strategies and growth trajectory in the evolving market conditions.

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