Genting Singapore recorded a total revenue of S$1.72bn for the year. This consisted of S$1.22bn in gaming revenue and S$478.0m in non-gaming revenue, which included hotel rooms, attractions, and other non-gaming costs. Rental income accounted for S$13.5m, while hospitality and support services income contributed S$4.8m to the overall revenue.
Tan Sri Lim Kok Thay, the executive chairman of Genting Singapore, attributed the increase in visitation at Resorts World Sentosa to the reopening of international borders aimed at recovering from the Covid-19 pandemic. He mentioned that the year 2022 marked the beginning of adaptation to living alongside Covid-19, resulting in a revival of cross-border travel due to the pent-up demand for tourism and social activities from key markets in the region.
Despite the positive developments, Tan Sri Lim Kok Thay acknowledged challenges in the ongoing Covid-19 recovery and inflation, which could slow down progress. He emphasized the importance of caution and optimism in building a resilient recovery for the business.
In terms of financial results, the cost of sales for the year amounted to $1.12bn, a 51.1% increase from the previous year. This included inventory costs of S$43.1m, net impairment on trade receivables of S$29.6m, expenses related to long-term leases of S$1.2m, and amortization of $26.8m. After accounting for the cost of sales, the gross profit reached S$601.8m, marking an 84.1% year-on-year increase.
Administrative costs rose by 15.7% to S$137.3m, while selling and distribution expenses increased by 52.6% to S$25.0m. Other operating expenses more than tripled to S$34.8m. Interest income of S$50.9m and other operating income of S$875,000 contributed to an operating profit of S$456.3m, double the amount generated in FY21. Finance costs of S$2.4m were offset by a share of results before a joint venture at S$2.8m, resulting in a relatively stable pre-tax profit of S$456.7m. After taxation of S$116.6m, the net profit for the year totaled S$340.1m. The adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the year stood at S$774.1m.
