Genting Singapore's performance fell due to a decline in casino revenue. The group's net profit in the second half of the year ended December 2024 fell by 34% year-on-year to 221.96 million yuan, while the net profit in the same period of the previous fiscal year was 334.91 million yuan.

The group's annual net profit fell by 5% to 578.87 million yuan. Earnings per share was 4.79 cents, 6% lower than 5.07 cents in the previous fiscal year. The performance throughout the year was not as good as analysts expected by analysts.

The board of directors recommends paying an annual dividend of 2 cents per cash share, the same as the previous fiscal year.

In a performance statement issued by the Group after the market closes on Thursday (February 20), it said: “2024 is a key year for transformation and development. We have integrated marketing efforts and increased productivity through automation and optimization of processes. In addition, we have made major efforts. Invest in technology upgrades, actively adopting artificial intelligence (AI) technology to improve operational efficiency and provide personalized experiences.”

The group also said that the use of advanced technology is expected to allow the group to achieve considerable revenue growth starting in the third quarter of 2025.

Further reading

Genting Singapore's net profit increased by 29% to RMB 357 million in the first half of the year

Genting Singapore's net profit increased by 29% to RMB 357 million in the first half of the year

Genting Singapore's net profit fell 63% to RMB 79.4 million in the third quarter

Genting Singapore's net profit fell 63% to RMB 79.4 million in the third quarter

Genting Singapore's revenue in the second half of the year fell 12% year-on-year to 1.174.18 million yuan. Among them, the casino revenue of Singapore's comprehensive resorts fell 17% year-on-year to 745.61 million yuan, while non-casino revenue fell slightly by 2% to 428.25 million yuan; the group's adjusted interest and tax pre-discount profit in the second half of the year (Adjusted EBITDA) fell 32% year-on-year to 389.3 million yuan.

The group's annual revenue increased by 5% in 2024 to 2.529.96 million yuan. Casino revenue increased by 3.4% to RMB 1.703.21 million, and non-casino revenue increased by 7.7% to RMB 816.69 million; the group's adjusted pre-equity profit fell by 6.4% to RMB 960.1 million.

Genting Singapore closed at 0.78 yuan on Thursday, with no change.