Genting Singapore reports net profit rose by 80% YoY to $611.6M in FY23

The Independent Singapore02-27

SINGAPORE: Genting Singapore has announced remarkable financial results for the fiscal year 2023, with a staggering 80% year-on-year surge in net profit, reaching $611.6 million.Genting Singapore is a...

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It includes a casino, hotels, Universal Studios Singapore, and other attractions. The company is involved in leisure and hospitality, focusing on gaming and entertainment.The company’s robust performance in 2023 was underscored by an 80% YoY increase in earnings per share (EPS), reflecting the substantial growth in its bottom line. Genting Singapore closed FY23 with a heightened EPS of $0.0507.Driving this impressive financial outcome is the company’s substantial revenue growth, which witnessed a 40% YoY improvement, soaring to $2.4 billion.This notable uptick in revenue is attributed to Genting Singapore’s “significant recovery” across its business spectrum, encompassing various sectors, notably Resorts World Sentosa (RWS).Resorts World Sentosa, a flagship integrated resort under Genting Singapore’s umbrella, played a pivotal role in the company’s stellar performance.In FY23, RWS reported an adjusted EBITDA of $1.1 billion, equivalent to 86% of pre-Covid adjusted EBITDA, showcasing a robust rebound in its operational and financial metrics.Genting Singapore’s latest financial statement indicates a holistic recovery, emphasizing the resilience and adaptability of its business model.The company’s strategic positioning seems to have played a key role in navigating the challenges of ongoing global circumstances.Investors and stakeholders keenly observe these developments, anticipating the company’s future strategies and growth trajectory in the evolving market conditions.—Featured image by Depositphotos","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2414158118"}