Malaysia-based gaming product distributor RGB International Bhd has reported a profit before tax of MYR20.5 million (US$4.7 million) for the three months to 30 June 2024, down 30.4% year-on-year largely due to a reduction in sales its core Sales and Marketing (SSM) division.
The company noted that the prior year’s results, which saw revenue hit MYR333.7 million (US$76.8 million) in 2Q23, was due to a bulk order at the time. As such, revenue in 2Q24 fell by 70.2% to MYR99.6 million (US$22.9) thanks to a 77.7% decline in revenue in the SSM division to MYR67.9 million (US$15.6 million). Segment profit fell by 50.1% to MYR15.2 million (US$3.5 million).
In the Technical Support and Management (TSM) division, revenue increased by around 2% to MYR29.8 million (US$6.9) while profit grew by 139% to MYR6.0 million (US$1.4).
Looking ahead, RGB said its prospects “remain robust, bolstered by the promising market conditions, especially in key areas including the Philippines.
“[Gaming regulator] PAGCOR has announced that the country’s Gross Gaming Revenue in 2023 reached a record Php285 billion and is projected to achieve Php336 billion in 2024 with the opening of new casinos and the continuous expansion in the electronic gaming segment.
“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.”
RGB also provided an update on a previously announced US$81 million deal with PAGCOR to supply almost 2,000 slot machines for use in Casino Filipino branches, stating, “The Group is expected to start delivering the product in the second half of 2024 and complete the installation of the product by the end of the year.”
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