金界控股(03918) - 2024 - 中期业绩

Financial Performance - Total gaming revenue increased by 12.3% to $283.4 million compared to$252.3 million in the same period last year[4] - Gross profit (after gaming tax) rose by 14.0% to $231.0 million from$202.7 million year-on-year[4] - EBITDA decreased by 61.3% to $55.5 million from$143.2 million in the previous year, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[4] - The company reported a net loss of$1.0 million, compared to a net profit of $83.0 million in the same period last year, largely due to the aforementioned impairment loss[2] - Total revenue for the six months ended June 30, 2024, was$292.76 million, an increase from $263.03 million in the same period of 2023, representing an 11.4$963,000 for the six months ended June 30, 2024, compared to a profit of $82.97 million in the same period of 2023[18] - The company reported a significant increase in impairment losses on trade receivables, rising to$5.51 million from $1.20 million in the previous year[15] - The casino segment reported a profit of$72.91 million for the six months ended June 30, 2024, down from $155.21 million in the same period of 2023[21] - The company reported a pre-tax loss of$846,000 for the six months ended June 30, 2024, compared to a profit of $83,097,000 in the same period of 2023[24] - The company reported a revenue of$659,914,000 for the first half of 2024, representing a 20% increase compared to $549,693,000 in the same period of 2023[46] - The net loss attributable to shareholders was$1,000,000 for the first half of 2024, compared to a net profit of $83,000,000 in the same period of 2023[55] Gaming Revenue Breakdown - The mass market gaming revenue grew by 17.8$192.0 million, while VIP market gaming revenue increased by 2.3%[2] - High-limit mass table gaming chips increased by 30.8% year-on-year to $265.6 million, with total gaming revenue from this segment rising by 39.2$45.2 million[5] - Casino operations generated $222.06 million from table games, up from$187.41 million, while electronic gaming machine revenue decreased to $61.33 million from$64.90 million[13] - The high-end VIP market saw a decrease in turnover by 11.7% to $1,800,000,000, generating revenue of$60,300,000, a decline of 4.1% year-on-year[48] - The company experienced a 12.6% decrease in non-gaming revenue, primarily due to a decline in hotel occupancy rates[50] Financial Position and Liquidity - The company fully repaid its maturing senior notes of $472.2 million in early July 2024, improving its liquidity position[6] - Total assets decreased to$2,240.1 million from $2,341.3 million as of December 31, 2023[8] - The company’s net cash position improved, with current liabilities net worth at$(82.8) million compared to $(243.7) million previously[8] - The total number of shares held through the Stock Connect program reached 43.3 million, accounting for 0.97$570,800,000, up from $367,600,000 as of December 31, 2023, indicating a significant increase in liquidity[59] - The net current liabilities decreased to$82,800,000 as of June 30, 2024, compared to $243,700,000 as of December 31, 2023, reflecting improved financial stability[60] Operational Costs and Expenses - The company incurred financing costs of$20.35 million for the six months ended June 30, 2024, slightly up from $19.87 million in the previous year[14] - The casino license premium amortization and depreciation for the six months ended June 30, 2024, was$41.99 million, down from $45.01 million in 2023[15] - Administrative and other operating expenses increased by$23,600,000 or 39% to $84,900,000 during the period[53] - The company’s financing costs for the period amounted to$10,100,000, a slight decrease from $10,900,000 in the previous year[54] Market and Economic Conditions - The average daily revenue for the mid-market increased by 5.7$10,500,000, recovering to 87.2% of pre-pandemic levels as of FY2019[35] - The number of international visitors to Cambodia reached 3,200,000 in the first half of 2024, recovering to 94.8% of the same period in 2019[37] - High-end VIP customer per capita turnover grew approximately 11.6% year-on-year, with daily turnover recovering to 82.6% of pre-pandemic levels[35] - The average daily turnover for the referral VIP market increased by 17.6% year-on-year, driven by a 3.8% increase in win rate[35] - Business travel in the first half of 2024 reached 93.8% of pre-pandemic levels, largely due to cross-border travel from Vietnam and Thailand[37] - Cambodia's GDP growth remains robust, with a projected increase in foreign direct investment (FDI) leading to a significant rise in approved investment projects, totaling $3.2 billion in the first half of 2024, nearly double the amount from the same period last year[39] - Cambodia's exports reached$16.9 billion in the first half of 2024, reflecting a year-on-year growth of 14.2%, driven by diversified export markets and increased trade agreements[40] Strategic Initiatives and Community Engagement - The company’s loyalty program, NagaWorld Rewards, continues to enhance customer data understanding, leading to targeted marketing efforts[47] - NagaWorld has conducted over 688 community-focused activities since 2014, engaging employees for approximately 37,000 hours in initiatives aimed at education, community involvement, and environmental protection[43] - The company is committed to enhancing its environmental commitments, including setting environmental targets for carbon emissions, electricity, water usage, and food waste by 2030[70] - The company has recycled over 1,660 kilograms of soap through its "Soap Hope" project, benefiting 725 families and promoting sustainability[44] Future Outlook and Developments - The Naga 3 project's structural engineering for the foundation and underground floors is largely completed, with final cleaning and leak work expected to be finished by Q4 2024[71] - The Cambodian government aims to achieve $15 billion in bilateral trade with Thailand by 2025, promoting more business visits and investments[74] - The new Phnom Penh International Airport is expected to be operational by 2025, with a capacity of up to 13 million passengers annually, enhancing tourism and business travel to Cambodia[73] - Cambodia's international arrivals are projected to reach 7 million by 2025, surpassing the pre-pandemic figure of 6.6 million in 2019[73] - The Cambodian government is actively improving infrastructure and hospitality services to attract more tourists, particularly from China[74] - The National Data Centre in Cambodia is expected to be fully operational by 2025, supporting the country's digital economy transformation[74] - The group maintains an optimistic outlook on long-term growth prospects, driven by the recovery of international tourism and political stability in Cambodia[75] - NagaWorld, as the only integrated resort in Phnom Penh, is expected to benefit from attracting more tourists seeking competitive pricing and luxury lifestyle products[75] - The development of Naga 3 aligns with the Cambodian government's vision to support the tourism industry, positioning it as a key contributor to the regional tourism landscape[75]