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.

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.

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.

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.

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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