PETALING JAYA: Genting Bhd saw stronger revenue for the fourth quarter ended Dec 31, 2021 (Q4’21) at RM4.84bil compared with RM3.05bil a year earlier due to improvements at its leisure and hospitality, plantation and property divisions.

       For the quarter under review, the group reported a pre-tax profit of RM301.5mil compared with RM291.8mil in Q4’20 on higher earnings before interest, taxes, depreciation and amortisation (Ebitda) and net gain on disposal of subsidiaries by Genting Malaysia Bhd (GENM).

       For its leisure and hospitality segment, Genting said its overseas operations had recorded higher revenue particularly in the UK and Egypt as well as the United States and Bahamas.

       Meanwhile, the plantation division’s revenue and Ebitda increased in Q4’21 as palm product prices strengthened against Q4’20, mitigated by lower fresh fruit bunches production.

       Downstream manufacturing revenue increased during the quarter on the back of higher palm product prices which was partially mitigated by lower sales volume of biodiesel and refined palm products.

       “Consequently, Ebitda improved due to higher revenue and better margins which more than compensated for the lower sales volume,” it said in a statement.

       Revenue from the power division also increased due to higher net generation from the Indonesian Banten Plant.

       However, it noted that Ebitda was lower on higher fuel loss.

       Meanwhile, revenue and Ebitda from the property division increased in Q4’21 mainly due to the disposal of land by the GENM.

       In FY21, group revenue of RM13.53bil and Ebitda of RM4.02bil registered an increase of 17% and 38%, respectively, over the full year of 2020.

       Genting declared an interim single-tier dividend of 11 sen per share for FY21, compared with 15 sen for FY20, to be paid on April 8.

       Meanwhile, Genting’s subsidiary GENM reported a net profit of RM174.12mil in its fourth quarter ended Dec 31, 2021, compared with a net loss of RM240.85mil in the previous corresponding period.

       Revenue in the fourth quarter rose to RM1.89bil from RM1.04bil a year earlier.

       In a filing with Bursa Malaysia yesterday, GENM said the improvements were primarily driven by higher volume of business registered at Resorts World Genting (RWG) following its reopening on Sept 30, 2021.

       “Additionally, the lifting of interstate travel restrictions from Oct 11, 2021 further aided demand recovery at the resort.

       “In contrast, the operating performance of RWG in the fourth quarter of 2020 was impacted by the reimposition of travel restrictions in most states during the period.”

       For its financial year ended Dec 31, 2021 GENM’s net loss narrowed to RM946.83mil from RM2.26bil in the previous corresponding period, while revenue stood at RM4.16bil from RM4.53bil a year earlier.

       On its prospects, GENM said it remains cautiously optimistic on the near-term prospects of the leisure and hospitality industry, but is wary of the increased spread of Covid-19 variants.

       GENM also declared a special single-tier dividend of nine sen per ordinary share, to be paid on March 31.