RGB International, the Malaysian manufacturer and distributor of gaming products, has announced its financial results for the first quarter of 2023 and the numbers show a healthy profit.
The Malaysian company reported revenues of 95.2 million Malaysian Ringgit for the first three months of 2023, a figure which represents an increase of 197 percent year-on-year. However, revenues in the first quarter of 2023 were 21 percent lower than what was recorded in the last quarter of 2022.
In a statement announcing the results, RGB International revealed that the company’s improved performance was attributable to gains made across all of its operating segments as markets in Asia continue to recover from the effects of the novel coronavirus pandemic.
The company’s profit attributable to owners went up by no less than 418 percent compared to the same quarter of last year to 10.5 million Malaysian Ringgit. The Sales and Marketing division recorded a revenue increase of 367 percent year-on-year to 69 Malaysian Ringgit, while profit went up by 345 percent to 10.4 million Malaysian Ringgit. Those hefty increases were mainly due to an increase in the number of products sold to gaming venues in the region.
The Technical Support and Management division also recorded a revenue increase, 52 percent over the first quarter of 2022, for a total amount of 25.6 million Malaysian Ringgit. Profit also went up 132 percent to a total of 1.25 million Malaysian Ringgit.
The company’s engineering services generated revenue of 533,000 Malaysian Ringgit and a profit of 399,000 Malaysian Ringgit, granting a better performance overall and increased operating capacity.
Group-wide earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2023 increased by 144 percent year-on-year to 24.0 million Malaysian Ringgit.
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