NagaCorp 1H profit up 57pct y-o-y, back US$263mln

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Nagakov Inc, operator of Nagarwold, a casino resort monopoly in Cambodia's capital Phnom Penh, reported net profit of $83 million in the first half of 2023, up 57.4% from a year ago.

Net profit rose 75.1% quarter-on-quarter to $52.8 million in the three months to June 30, it said in a filing with the Hong Kong Stock Exchange on Wednesday. 안전한 파워볼사이트

First-half earnings (EBITDA) for the group before interest, taxation, depreciation and amortization were $143.2 million, up 10.1% year over year. Second-quarter EBITDA was $82.6 million, up 36.3% sequentially.

Group overall sales for the six months to June 30 were up 9.8% year-over-year, slightly above $263 million.

Total gaming revenue (GGR) from casino operations was $252.3 million, up 7.9% from the first half of 2022. Second-quarter GGR was $134.8 million, up 14.7% sequentially.

The company holds Phnom Penh's long-lived exclusive casino license through its Nagarwold resort complex (pictured). It said its first-half results benefited from "a strong focus on domestic markets, where visits from neighboring countries have gradually recovered and captured."

"The group continued its rigorous cost-control measures and operational efficiency initiatives to drive yields higher," it added.

Nagakov said the board did not recommend paying interim dividends. In 2022, the company paid interim dividends and annual dividends through Scrip shares.

The company said gross profit margins in the mass market and premium VIP market segment were 83% (in the order of gaming), accounting for 90% of Group GGR and 93% of gross profit in the reporting period.

Public table sales for the six months ended June 30 were $98 million, down 5.1% year-over-year. E-table game operating revenue rose 7.1% year-over-year to $64.9 million.

The casino developer said it had "observed a sustained increase" in its public market business, including table games and electronic game consoles. It attributed the increase to several factors, including the "recovery of Chinese visitors sponsoring Nagaworld."

In the first half of 2023, the premium VIP market GGR increased by 19.5% year-over-year to $62.9 million. Nagakov cited the "successful transition" of some former recommended VIP players to direct premium VIP players as the growth backdrop for the segment.

In what the company describes as its recommended VIP, revenue was $26.5 million, up 53.5% from the first half of 2022, as sponsors in "near Southeast Asian countries" increased.

Nagakov said total cash and bank balances were $261.3 million as of June 30, compared with $175.2 million as of the end of 2022.

The company's net debt was approximately $28.6 million as of the end of June.