Genting Singapore (G13) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose to $2.418bn from $1.725bn, while net profit increased to $611.6m from $340.1m; basic and diluted EPS were 5.07 cents, up from 2.82 cents.

• Adjusted EBITDA reached $1.026bn versus $774.2m; Singapore leisure and hospitality remained the primary business and revenue contributor.

Financial highlights

• Revenue was $2.418bn versus $1.725bn; gross profit was $882.8m versus $601.8m, and operating profit was $774.0m versus $456.4m.

• Profit before tax was $776.9m versus $456.7m; net profit was $611.6m versus $340.1m, and total comprehensive income was $606.7m versus $345.1m.

• Net impairment on trade receivables was $124.1m, compared with $29.7m; impairment of property, plant and equipment was $23.3m.

• Interest income increased to $138.5m from $51.0m; finance costs declined to $0.9m from $2.4m.

Outlook and guidance

• Expanded integrated-resort renewal and refresh carries an investment commitment of approximately $4.5bn; contracted property, plant and equipment expenditure was $3.370bn at year-end.

• Revised useful lives for identified assets increased FY2023 depreciation expense by $115m; the expected impact on next-year depreciation is approximately $69.9m, with no material impact expected in later years.