$GENTING (3182.MY)$ announced its financial results for the third quarter and nine months ended 30 September 2024 with 3Q24 reporting a 1% increase in total revenue to RM2.7 billion while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) improved by 75% to RM1.3 billion, after taking into account net unrealised foreign exchange translation gains.

The Group's profit before taxation (PBT) more than doubled to RM535.8 million and the Group registered a net profit of RM548.3 million in the quarter as compared to a net profit of RM158.3 million in the same period last year (3Q23).

In 9M24, the Group recorded higher total revenue by 10% to RM8,183.5 million while adjusted EBITDA grew by 53% to RM2,729.8 million, after taking into account net unrealised foreign exchange translation gains. The Group's PBT more than doubled to RM854.9 million and the Group achieved net profit of RM647.7 million, an increase of more than four times from the same period last year (9M23).

Revenue from the Group's leisure and hospitality operations in Malaysia improved marginally to RM1,681.1 million. However, adjusted EBITDA declined by 13% to RM493.4 million, mainly due to higher operating expenses incurred. The Group registered an adjusted EBITDA margin of 29% as compared to 34% in 3Q23.

In the United Kingdom (UK) and Egypt, the Group reported a 9% increase in revenue to RM538.0 million while adjusted EBITDA grew by 5% to RM104.0 million. These improvements were largely attributable to the higher volume of business registered across the Group's estate. In the United States of America (US) and the Bahamas, the Group reported a marginal decline in revenue to RM472.2 million. The Group also registered lower adjusted EBITDA by 8% to RM124.2 million, mainly
due to higher operating and payroll related expenses.

The Group's overall adjusted EBITDA in 3Q24 includes the impact of net unrealised foreign exchange translation gains of RM601.8 million, mainly on the Group's USD denominated borrowings as compared to the net unrealised foreign exchange translation losses of RM1.7 million in 3Q23. Excluding the impact of the net unrealised foreign exchange translation, the Group's adjusted EBITDA is lower by 6%.

The Group is cautiously optimistic of the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term.