Malaysia-based gaming product distributor RGB International Bhd has reported a profit before tax of MYR25.3 million (US$5.4 million) for the three months to 31 March 2024, up 112% year-on-year on a significant increase in revenues in its core Sales and Marketing division.
According to details filed with Bursa Malaysia, revenue in Sales and Marketing grew 154% year-on-year and 120% quarter-on-quarter to MYR174.9 million (US$37.2 million), mainly due to an increase in the number of products sold.
The Technical Support and Management (TSM) division also saw revenues increase by 30% year-on-year to MYR33.4 million (US$7.1 million) due to better performance in some TSM outlets. Group-wide revenue grew by 121% year-on-year and 110% sequentially to MYR210.1 million (US$44.7 million).
In comments accompanying its results, RGB said its future prospects remain “robust”, particularly in the key growth markets such as the Philippines.
“The Philippine Amusement and Gaming Corporation (PAGCOR) has announced that the country’s Gross Gaming Revenue in 2023 reached a record Php285 billion (US$4.9 billion) and is projected to achieve Php336 billion (US$5.7 billion) in 2024 with the opening of new casinos and the continuous expansion in the electronic gaming segment,” it said.
“As a pivotal slot machine distributor and major player in the machine concession business in the country, the group is well positioned to capitalise on this industry growth. The group remains vigilant for emerging opportunities including prospect of new and upcoming markets. Barring unforeseen circumstances, the Group expects to achieve a stronger performance in 2024.”
RelatedPosts
