Sim Leisure Group has announced record earnings for FY2022 ended 31 December, 2022 of RM22.1 million ($6.6 million), marking a 350% turnaround from a net loss of RM11.8 million registered in the previous financial year.
For the FY2022, the group posted earnings per share of 13.4 RM cents.
The group also posted record FY2022 revenue of RM67.6 million, a 282% year-on-year increase from FY2021.
The results also marked a significant increase from Sim Leisure’s revenue and net profits recorded in 1HFY2022, which stood at RM26.5 million and RM10.1 million respectively.
For the full year period, the group’s cost of sales stood at RM23.4 million, up 105.9% compared to FY2022.
Gross profit for FY2022 came in at RM44.2 million, up 597.7% compared to RM6.3 million in FY2021. The group’s gross profit margin in FY2022 increased by 29.59 percentage points, from 35.82% for FY2021 to 65.41% for FY2022, largely attributable to the increase in visitors admission to all theme parks.
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As at 31 December, 2022, Sim Leisures cash and cash equivalents stood at RM35.6 million, compared to the RM17.6 million the previous year.
The company is recommending a dividend of 5 sen per ordinary share for FY2022, subject to shareholder approval.
In a press release on March 14, Sim Choo Kheng, founder and chairman of Sim Leisure Group, says: “We are truly delighted with these financial results and our performance in FY2022. However, all the signs pointed to the fact that we would be indeed charting record profits and revenue in FY2022, which saw the full lifting of restrictions and the addition of unique attractions that cannot be found anywhere else in this region.”
“We have and will continue to rely on creativity and innovation which have been our driving forces, setting us apart from other typical attractions,” he adds.
Sim Leisure plans to open seven new destinations within the next year, namely Escape Ipoh, which the group expects to open in 4Q2023, as well as Escape Cameron Highlands. The group is also in the midst of developing several other properties overseas, which will make Escape the first Malaysian leisure brand to be exported internationally, according to Sim.
Shares in Sim Leisure Group closed flat at 30 cents on March 14.
