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Malaysia’s RGB International Records Profit In Fourth Quarter

Posted on March 13, 2023 | 8:55 am

RGB International, the Malaysian gaming products manufacturing and distribution company, has announced its results for the fourth quarter of 2022 and the numbers show a profit attributable to owners of the company of 9.3 million Malaysian Ringgit.

That sum would roughly convert into 2.1 million United States dollars, a much better result than the loss of 122,000 dollars that was recorded in the similar period of 2021.

Moreover, the full 2022 fiscal year brought a profit of 4.6 million Malaysian Ringgit (1 million U.S. dollars), a significant improvement compared to the loss of 10.3 million Malaysian Ringgit (2.3 million U.S. dollars) that was recorded in 2021.

The improved results were due to revenue increases recorded across all operating segments in the fourth quarter, with group-wide revenue amounting to 119.8 million Malaysian Ringgit (26.7 million United States dollars), a figure which represents a vast increase of 117 percent year-on-year.

The Sales and Marketing division recorded a revenue increase of 126 percent to an amount of 85.5 million Malaysian Ringgit (19.1 million U.S. dollars), mostly due to an increase in the number of products sold to gaming venues. The division’s profit went up by 111 percent year-on-year to a total of 10.8 million Malaysian Ringgit (2.4 million U.S. dollars).

The Technical Support and Management division also recorded a revenue increase in the fourth quarter, 95 percent compared to the same period of the previous year, amounting to 32.7 million Malaysian Ringgit (7.3 million U.S. dollars). The good result was due to overall better performance but also to an increase in operating capacity.

The company’s Engineering Services division recorded by far the biggest revenue increase, no less than 535 percent in the fourth quarter of 2022, but the total amount was just 1.1 million Malaysian Ringgit (245,000 U.S. dollars).

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Even Better Performances Expected in 2023

In a statement regarding the company’s performance in the fourth quarter and full year 2022, RGB International said that it expects further growth as “ the tourism and hospitality industries are expected to continue recovering.”

In fact, border restrictions have eased in Malaysia, leading to an increase in international travel, especially in the regions in which RGB International has most of its operations.

“Based on the favorable market outlook, the Group expects to perform significantly better in the financial year ending 31 December 2023, backed up by the strong orders secured to date, despite facing inflationary pressure on its operating costs,” the company statement added.

RGB International was established all the way back in 1986, starting out as a company which sold electronic gaming and amusement machines. Now the group manufactures the electronic gaming machines and has grown into a company that is listed on the Malaysian stock exchange, with more than 300 employees and with operations in Malaysia, Cambodia, the Philippines, Macau, Singapore, Laos, Vietnam, Timor-Leste and Nepal.

SOURCE“Malaysia’s RGB International books US$2.1 million profit in 4Q22, expects further recovery in 2023“Inside Asian Gaming. March 1, 2023.

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