Genting Malaysia Bhd reported stronger-than-expected Q4 2023 results, with a net profit of RM350 million. This robust performance was primarily driven by the ongoing recovery in international tourism and increased visitor arrivals at its domestic and overseas resorts.
Genting Malaysia Bhd today announced encouraging financial results for the fourth quarter of 2023, achieving a net profit of RM350 million, significantly surpassing market expectations of RM280 million. Revenue for the quarter rose 25% year-on-year to RM2.5 billion. This significant growth was primarily attributed to the ongoing global tourism recovery, particularly the substantial increase in visitor arrivals at its Resorts World Genting in Malaysia and Resorts World New York City. Company management stated that despite rising operating costs, strong visitor spending and effective cost management strategies helped drive profit growth. Looking ahead, Genting Malaysia anticipates continued benefits from robust tourism momentum in 2024, especially with the return of Chinese tourists. The company's stock price rose 2.1% to RM2.90 today.
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