{"id":276,"date":"2024-06-28T11:06:23","date_gmt":"2024-06-28T08:06:23","guid":{"rendered":"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/"},"modified":"2024-06-28T11:06:23","modified_gmt":"2024-06-28T08:06:23","slug":"genting-singapores-profit-soars-85-5-in-2022","status":"publish","type":"post","link":"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/","title":{"rendered":"Genting Singapore&#8217;s Profit Soars 85.5% in 2022"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/Yub4NmpwkXg\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Genting Singapore&#8217;s bottom line for 2022 soared by a staggering 85.5%. This impressive surge was fueled by a substantial increase in both earnings and expenses, with the overall net profit hitting a remarkable S$340.1 million. This translates to a hefty \u00a3207.8 million, \u20ac236.4 million, or $255.9 million.<\/p>\n<p>Genting Singapore&#8217;s total income for the year reached S$1.72 billion, with a significant portion of this coming from gambling revenue at S$1.22 billion. The remaining S$478 million was generated from non-gambling sources, including lodging, attractions, and other miscellaneous expenditures.<\/p>\n<p>In addition to the core revenue streams, Genting also saw substantial income from leases, coming in at S$13.5 million, and hotel and support services, bringing in another S$4.8 million.<\/p>\n<p>Genting&#8217;s Chief Executive, Lim Kok Thay, attributed the impressive performance to the reopening of international borders, which led to a surge in visitor numbers at Resorts World Sentosa, Genting Singapore&#8217;s integrated resort. He emphasized the pent-up demand for travel and social activities, particularly from key markets in the region.<\/p>\n<p>However, Mr. Thay also warned that the recovery could be gradual due to ongoing challenges related to the COVID-19 pandemic and rising prices. <\/p>\n<p>Moving forward, although we anticipate the travel sector to continue its rebound, the rate of recovery might be uneven due to inadequate international flight capacity and sudden border control measures. Furthermore, economic uncertainty, rising prices, and staffing challenges are also causes for concern.<\/p>\n<p>We maintain a guardedly optimistic outlook on the path to rebuilding business strength and recovery.<\/p>\n<p>**Yearly Performance**<\/p>\n<p>The total cost of goods sold for the year reached $1.12 billion, representing a 51.1% year-over-year increase. This figure incorporates $43.1 million in inventory expenses, $29.6 million in net bad debt expense, and $1.2 million in long-term lease-related costs.<\/p>\n<p>The total cost of goods sold also includes $26.8 million in amortization.<\/p>\n<p>After subtracting the total cost of goods sold, gross profit reached $601.8 million, reflecting an 84.1% year-over-year increase. In terms of further expenses, total administrative costs for the year amounted to $137.3 million, a 15.7% increase.<\/p>\n<p>Sales and distribution expenses rose by 52.6% to $25 million, while other operating costs more than tripled to $34.8 million.<\/p>\n<p>These costs, along with $50.9 million in interest income and $0.875 million in other operating income, resulted in an operating profit of $456.3 million, twice the amount generated in FY21.<\/p>\n<p>Total finance costs of $2.4 million further impacted the overall result. However, this was offset by a $2.8 million share of profit from joint ventures.<\/p>\n<p>Consequently, profit before tax remained at approximately $456.7 million.<\/p>\n<p>Tax $116. <\/p>\n<p>This years net income is a staggering S$340.1 million, equivalent to 6 million. <\/p>\n<p>The modified EBITDA (earnings before interest, taxes, depreciation, and amortization) achieved S$774.1 million.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genting Singapore&#8217;s bottom line for 2022 soared by a staggering 85.5%. This impressive surge was fueled by a substantial increase in both earnings and expenses, with the overall net profit hitting a remarkable S$340.1 million. This translates to a hefty \u00a3207.8 million, \u20ac236.4 million, or $255.9 million. Genting Singapore&#8217;s total income for the year reached [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genting Singapore<\/title>\n<meta name=\"description\" content=\"Genting Singapore\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Genting Singapore&#039;s Profit Soars 85.5% in 2022\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Genting Singapore\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Rush of Licensed Online Casino Gaming Today\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T08:06:23+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/\",\"url\":\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/\",\"name\":\"Genting Singapore\",\"isPartOf\":{\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T08:06:23+00:00\",\"dateModified\":\"2024-06-28T08:06:23+00:00\",\"author\":{\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Genting Singapore\",\"breadcrumb\":{\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/2024\/06\/28\/genting-singapores-profit-soars-85-5-in-2022\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/elroyalecasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Genting Singapore&#8217;s Profit Soars 85.5% in 2022\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/elroyalecasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/elroyalecasinonodepositbonus.icu\/\",\"name\":\"Experience the Rush of Licensed Online Casino Gaming Today\",\"description\":\"Experience the best of online gambling through our fresh casino news, in-depth game reviews, and informative insights. 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