NagaCorp ( (NGCRF) ) has released its Q4 earnings. Here is a breakdown of the information NagaCorp presented to its investors.
NagaCorp Ltd., a prominent player in the gaming and hospitality industry, operates integrated resorts in Cambodia, with a focus on casino and entertainment services.
For the fiscal year ending December 31, 2024, NagaCorp reported a mixed financial performance, with a 5.5% increase in Gross Gaming Revenue (GGR) to $542.9 million, driven primarily by a strong Mass Market segment, despite a notable decline in net profit due to a significant impairment loss.
Key financial highlights include a 17.2% rise in Mass Market GGR to $395 million and a slight growth in Referral VIP Market GGR by 1.4%. However, the Premium VIP Market saw a 15.3% decrease in business volumes. The company’s net profit fell by 38.3% to $109.6 million, largely due to an $89.1 million impairment loss related to the Vladivostok Project. EBITDA also declined to $202.8 million from $295.3 million in the previous year.
Despite the challenges, NagaCorp maintains a stable financial outlook, supported by a low debt-to-equity ratio of 3.2% and a strategic focus on expanding its Mass Market and Premium VIP segments. The company remains optimistic about its long-term growth potential, buoyed by Cambodia’s robust economic performance and increasing international business travel.
Looking ahead, NagaCorp’s management is confident in sustaining growth through strategic initiatives and capitalizing on favorable economic conditions in Cambodia, while continuing to enhance its gaming and hospitality offerings.