Genting Malaysia Berhad announced better-than-expected financial results, with its share price climbing 3.5% following the report. The strong performance is largely attributed to the robust recovery in the tourism and leisure sector, both domestically and internationally, signaling positive momentum for the company's future outlook.
Genting Malaysia Bhd reported encouraging latest quarterly financial results, showing a 50% year-on-year increase in net profit, reaching RM320 million. This significant growth was primarily driven by the ongoing recovery in international tourism and increased visitor numbers at its resorts. The company's share price responded positively, climbing 3.5% to close at RM3.00 after the earnings announcement. Management stated that despite rising operating costs, strong revenue growth and effective cost control measures helped the company achieve profitability. Resorts World Genting's visitor numbers have recovered to over 80% of pre-pandemic levels, while its overseas operations, particularly casinos in New York and the UK, also performed exceptionally well. Analysts are generally optimistic about Genting Malaysia's future prospects, anticipating continued earnings growth as global tourism further reopens.
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