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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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Genting Posts First Quarterly Loss in Two Years, Declares Lower Dividend

Higher Finance Costs, Weaker Revenue Impact Earnings

  • Genting Bhd (KL:GENTING) reported a net loss of RM169.39 million for 4QFY2024, reversing from a RM150.99 million profit a year earlier.
  • The group's first quarterly loss since 4QFY2022 was driven by higher finance costs, net impairment losses, and increased losses from joint ventures and associates.
  • Quarterly revenue fell 5.3% to RM6.88 billion due to weaker performance in the leisure and hospitality segment, exacerbated by the strengthening of the ringgit against key foreign currencies.

Dividend Declared at Lower Payout

  • Final dividend of 5 sen per share, down from 9 sen last year, bringing total FY2024 dividend to 11 sen per share, compared to 15 sen in FY2023.

Financial Performance Breakdown

  • Adjusted EBITDA down 27% YoY to RM1.68 billion from RM2.29 billion.
  • Finance costs rose 35.1% to RM513.36 million.
  • Impairment losses declined 54.7% to RM26.94 million.
  • Share of losses from joint ventures and associates surged over 3x to RM69.29 million.

Full-Year Net Profit Drops Despite Higher Revenue

  • FY2024 net profit fell 5% to RM882.95 million despite revenue rising 2.21% to RM27.72 billion.
  • Full-year adjusted EBITDA remained stable at RM8.78 billion, compared to RM8.84 billion in FY2023.

Outlook: Optimism in Tourism, Gaming & Expansion

  • Genting expects global tourism growth to sustain recovery, benefiting its regional gaming market.
  • Genting Malaysia Bhd (KL:GENM) is cautiously optimistic, focusing on:
    • Marketing strategies to boost visitation at Resorts World Genting (RWG).
    • New ecotourism experiences and infrastructure upgrades at Genting Highlands.
    • 60th-anniversary promotional events to attract more visitors.
  • In the US, Genting aims to expand its market presence and operational capabilities.
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