SJM (880) H2 2024 earnings summary

Executive summary

• Net gaming revenue rose 33.8% year-over-year to HK$26,846 million, with total net revenue up 33.0% to HK$28,769 million, driven by strong recovery in Macau's gaming sector.

• Adjusted EBITDA more than doubled to HK$3,764 million, and profit attributable to owners rebounded to HK$3 million from a loss of HK$2,010 million in 2023.

• No final dividend was recommended for 2024.

Financial highlights

• Adjusted EBITDA margin improved to 13.1% from 8.0% in 2023.

• Earnings per share turned positive at HK0.04 cents, compared to a loss of HK(28.30) cents per share last year.

• Cash, bank balances, and deposits stood at HK$3,217 million, with total debt at HK$26,458 million as of year-end.

• Gearing ratio was 51.1%, slightly down from 52.2% in 2023.

Outlook and guidance

• SJM is expanding its non-gaming portfolio, launching new luxury hotels and lifestyle offerings, and investing in Macau’s historic core and the Greater Bay Area.

• Planned upgrades and new F&B concepts at Grand Lisboa Palace Resort and Grand Lisboa aim to drive incremental revenue and enhance competitiveness.

• The company will continue to support sports tourism and cultural events to boost Macau’s global profile.