SINGAPORE – Integrated resort operator Genting Singapore saw its shares climb by 10.6 per cent on Tuesday after it reported net profit increases for its third quarter last Friday.
Genting shares hit a high of 95 cents at about 10.36am, an increase of 10 cents over the previous closing price of 85 cents, before ending the day at 94 cents.
It was also the second-most traded stock on the Singapore Exchange, with more than 131.2 million shares changing hands.
The jump is the biggest for Genting’s share price in three years, according to Bloomberg.
In its business update last Friday, Genting reported a net profit of $216.3 million for the third quarter ended Sept 30. This is an increase of 59 per cent from $135.8 million in the corresponding period in 2022.
Revenue also rose 33 per cent to reach $689.9 million, up from $519.7 million a year ago.
Of this, revenue from its gaming segment rose 20 per cent, while non-gaming revenue jumped 68 per cent.
Genting said in the business update that Resorts World Sentosa (RWS) continued to benefit from sustained recovery in travel and tourism at the property level.
The group also announced that its board has approved an investment of around $6.8 billion.
This sum, which will be funded through internal sources, includes amounts that have been spent and the remainder to be invested over the next eight years, it said.
“We are confident that this investment will firmly anchor RWS as the most sought-after tourism destination in Asia, and propel the group’s strong future growth,” Genting added.
The group is also working on its Waterfront development at RWS, which has received provisional permission from the Government and will start construction in 2024.
The development will have 228,658 sq ft of retail space and 700 hotel rooms.
Genting also gave an update on its plans to expand RWS.
It said the transformation of the Forum, Minion Land in Universal Studios Singapore and the Singapore Oceanarium is progressing well.
These areas are expected to have a soft launch in early 2025, it added.
