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Nagacorp (3918) investor relations material
Nagacorp H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit reached US$148.8 million and EBITDA was US$200.3 million for 1H2025, reflecting strong operational recovery and business momentum year-over-year.
Revenue was US$341.8 million, up 17% from 1H2024, driven by growth in all gaming segments and a resilient domestic market.
Mass Market and Premium VIP Market accounted for over 90% of GGR and gross profit, with Mass Market GGR up 20.9% and Premium VIP GGR up 9.6%.
EBITDA margin expanded to 58.6%, and net profit margin to 43.5%.
Interim cash dividend of US$44.6 million (US cents 1.01 per share) declared, resuming distributions for the first time since 2021.
Financial highlights
Revenue increased 17% year-over-year to US$341.8 million; gross profit rose to US$275.9 million with an 81% margin.
Net profit of US$148.8 million, reversing a net loss of US$1.0 million in 1H2024 (excluding prior year impairment, adjusted net profit would have been US$88.1 million).
EBITDA reached US$200.3 million, up from US$55.5 million in 1H2024.
Administrative and other operating expenses (before impairment, depreciation, and amortisation) decreased by 9% YoY to US$77.4 million.
Cash and bank balances increased to US$245.3 million as of 30 June 2025.
Outlook and guidance
Positive market outlook with Cambodia's GDP growth forecasted at 4.0% for 2025, supported by tourism recovery and FDI inflows.
New Techo International Airport set to open in September 2025, expected to boost international arrivals and tourism.
Government initiatives aim to attract up to 7.5 million international arrivals in 2025.
The company remains optimistic about long-term growth, supported by economic and political stability.
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