Malaysian-based gaming product distributor RGB International Bhd has reported a 197% year-on-year increase in consolidated revenues to MYR95.2 million (US$20.7 million) for the three months to 31 March 2023, although revenues were down 21% compared to the December 2022 quarter.
In its 1Q23 results announcement, RGB said the improved performance – which also saw profit attributable to owners of the company grow by 418% to MYR10.5 million (US$2.3 million) year-on-year – was due to gains made across all of its operating segments as Asia continues to normalize post-COVID.
In particular, the company’s Sales and Marketing division saw revenues climb by 367% to MYR69.0 million (US$15.0 million) and profit by 345% to MYR10.4 million (US$2.3 million), mainly due to increase in number of products sold, RGB explained.
Revenue from the Technical Support and Management division climbed by 52% to MYR25.6 million (US$5.6 million) with profit up 132% to MYR1.25 million (US$271,500), while engineering services generated revenue of MYR533,000 (US$116,000) and a profit of MYR399,000 (US$86,600). RGB cited a “better performance and increase in operating capacity in most of the outlets,” it serves.
Group-wide EBITDA for Q1 increased by 144% to MYR24.0 million (US$5.2 million).
Commenting on the company’s outlook, RGB said, “The tourism and hospitality industries are expected to continue recovering, aided by the increase in international travels especially in the regions where the Group operates.
“Based on the favourable market outlook, the Group expects to perform better in financial year ending 31 December 2023, backup by the strong orders secured to date, despite facing inflationary pressure on its operating costs.”
RGB previously reported a profit of MYR4.6 million (US$1.0 million) in 2022, improved from an MYR10.3 million (US$2.3 million) loss in 2021.
