Genting Malaysia Berhad, the renowned global leisure and hospitality company, has announced that it has recorded good results and returned to profitability in the final quarter of 2021.
The company reported a net profit of 124 million Malaysian Ringgit for the fourth quarter of 2021, which equates approximately to 29.5 million U.S. dollars. The result is especially good considering that the similar period of the previous year resulted in a loss.
Overall, the group’s revenue amounted to 1.89 billion Malaysian Ringgit, an increase of 81 percent compared to the same period of 2020. Adjusted earnings before interest, taxes, depreciation, and amortization (EBIDTA) also grew by 333 percent to 738.1 Malaysian Ringgit.
The fourth quarter of 2021 was especially profitable for Malaysia’s Resorts World Genting, the facility recorded revenue of 961.9 million Malaysian Ringgit, a figure which represents a 49 percent increase year-on-year.
The integrated resort was closed for big parts of 2021 due to government restrictions related to the novel coronavirus pandemic, but it reopened on 30 September 2021. Moreover, interstate travel restrictions were lifted on 11 October, and that drove more demand to the resort.