Genting Singapore G13 has reported net profit of $340.1 million for FY2022 ended December, 85% higher y-o-y, as profit before tax more than doubled during the year.
Revenue grew 62% y-o-y during the period to $1.7 billion, while cost of sales grew 52% y-o-y to $1.1 billion.
The Directors have proposed a final dividend of 2 cents per ordinary share, double the final dividend paid the year prior. Together with the 1 cent per share interim dividend declared in 1HFY2022, Genting Singapore’s full-year dividend for FY2022 is 3 cents per share.
On a fully diluted basis, earnings per share as at Dec 31, 2022 stood at 2.82 cents, up from 1.51 cents the year prior.
The Group’s cash and cash equivalents stood at $3.6 billion as at Dec 31, 2022, up from $3.4 billion the year prior.
Total assets less current liabilities stood at $8.2 billion as at Dec 31, 2022, up from $8.1 billion the year prior.
See also: Genting Singapore 3QFY2022 earnings and revenue double
With travel recovery gaining momentum in the second half of 2022, the Group’s revenue grew 62%, notes Genting Singapore. “The overall profit margin was impacted by higher utility tariffs, increased casino tax rates and accelerated depreciation on certain assets in connection with our renovation of Festive Hotel and RWS 2.0 expansion plans.”
A newly renovated Festive Hotel will be relaunched in May as a lifestyle destination hotel, adding 389 rooms to the resort’s overall hotel inventory.
Slated for completion in late 2024, the Forum and Coliseum, with more than 20,000 sq m of commercial space, will undergo major transformation, says Genting Singapore.
See also: Genting Singapore NPAT dips 4% in 1HFY2022, 1 cent dividend declared
With the recovery of Singapore’s international visitors, the Group’s performance rebounded strongly, with Resorts World Sentosa outperforming significantly over the pandemic years, adds Genting Singapore.
That said, flight capacity and economic uncertainties will moderate the pace of recovery. “We are cautiously optimistic for a full recovery in the medium term. Our expansion projects (RWS 2.0) have commenced and this includes the ongoing construction of the Singapore Oceanarium, Minion Land at Universal Studios Singapore, and supporting infrastructure facilities to cater to the overall expansion of RWS.”
Shares in Genting Singapore closed 2 cents lower, or 1.96% down, at $1 on Feb 20.
