Genting Bhd remains optimistic about the continued strength of international tourism, anticipating sustained growth driven by robust demand and the ongoing recovery of global travel.

As a result, the integrated resort operator expects the regional gaming market to sustain its recovery momentum.

Despite this positive outlook, Genting reported a net loss of RM169.4 million for the fourth quarter of 2024 (4Q24), reversing a net profit of RM150 million recorded in 4Q23. Revenue for the quarter declined by 5.3% year-on-year (y-o-y) to RM6.88 billion, primarily due to lower earnings from its leisure and hospitality segment.

For the full financial year 2024 (FY24), Genting’s net profit fell by 5% y-o-y to RM882.9 million, despite a marginal 2.2% increase in turnover to RM27.7 billion. The company attributed the revenue growth to contributions from its leisure and hospitality division.

“Adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at RM8.78 billion for FY24, slightly lower than the previous year,” the group reported.

Resorts World Sentosa (RWS) in Singapore recorded higher revenue in FY24, with strong performances in both gaming and non-gaming segments. However, despite surpassing pre-pandemic revenue levels, rising costs and inflationary pressures remained key challenges, contributing to a decline in adjusted Ebitda.

Similarly, Resorts World Genting (RWG) posted higher revenue in FY24 due to increased business volumes compared to FY23. The group’s leisure and hospitality operations in the UK, Egypt, New York, and the Bahamas also experienced revenue growth, mainly driven by higher customer volumes.

Genting’s plantation division reported slightly lower revenue in FY24, primarily due to reduced sales in the downstream manufacturing segment. However, higher palm product prices mitigated some of the losses, leading to an increase in adjusted Ebitda for the segment.

Meanwhile, Genting Malaysia Bhd (GENM), a subsidiary of Genting, also posted a net loss of RM457.9 million for 4Q24, a stark contrast to its RM239.6 million net profit in 4Q23. This came despite revenue remaining relatively stable at RM2.73 billion.

GENM attributed the loss to net unrealized foreign exchange losses of RM356.9 million, primarily due to its US dollar-denominated borrowings, compared to a net unrealized foreign exchange gain of RM130.4 million in 4Q23. Additionally, a higher share of losses from associates due to increased operating expenses further impacted the company’s earnings.

For FY24, GENM’s net profit declined by 42.5% y-o-y to RM251.3 million, despite a 7.1% growth in turnover to RM10.9 billion. The company credited the revenue growth to increased business activity in its leisure and hospitality operations across Malaysia, the UK, Egypt, the US, and the Bahamas. However, higher payroll-related expenses across all business segments weighed on overall net earnings.

Genting declared a final dividend of five sen per share for 4Q24, bringing its total dividend for FY24 to 11 sen per share. Meanwhile, GENM proposed a four sen dividend per share for 4Q24, totaling 10 sen per share for FY24.

In a corporate leadership update, Genting Plantations Bhd (GenP) announced that Datuk Indera Lim Keong Hui will take over as chief executive officer effective March 1. Lim, who has served as deputy chief executive since January 2019, succeeds Datuk Seri Tan Kong Han, who is stepping down from the role but will remain an executive director to support Lim in leading the group.

Additionally, Genting Bhd has appointed Tan as its new CEO, effective March 1, replacing Tan Sri Lim Kok Thay, who has led the company for nearly two decades.