Genting Malaysia Bhd announced stronger-than-expected fourth-quarter results, reporting a significant surge in net profit. The sustained recovery in the tourism sector, particularly at its Resorts World Genting operations, was identified as the primary driver behind its impressive earnings growth and improved financial outlook.
Genting Malaysia Bhd today announced encouraging fourth-quarter results, posting a net profit of RM350 million, significantly exceeding market expectations. This robust performance was primarily driven by the strong showing of its flagship resort, Resorts World Genting, which saw a notable increase in visitor arrivals and spending. The company's revenue surged by 25% year-on-year to RM2.4 billion. Management attributed the growth to the sustained recovery in international tourism and strong domestic demand. Furthermore, its overseas operations, particularly resorts in New York and the Bahamas, also contributed stable revenue. Analysts are optimistic about Genting Malaysia's future prospects, expecting the company to maintain its growth momentum as global tourism continues to reopen. Its share price rose 2.1% to RM2.95 today.
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