NagaCorp FY22 revenue doubles in Covid recovery win
Cambodia-based gambling operator NagaCorp reported revenue of US$460.6m (£365.0m/€414.9m) in its full-year 2022 results, attributing the 104.0% rise to Cambodia's recovery from the Covid-19 pandemic.
NagaCorp's revenue doubled from $225.8m in 2021 – a trend seen across all the financial results for the 2022 period.
Timothy Patrick McNally, chairman of NagaCorp, said that NagaCorp was one of the only “regional” businesses to become profitable in 2022.
“The gradual recovery of our business and resiliency of our earnings in the face of major market disruptions placed NagaCorp as only one of the two regional gaming companies to achieve profitability during the period,” said McNally.
McNally added that the business environment in Cambodia had been improved by the lifting of the pandemic restrictions.
In 2022, Cambodia received 2.2 million international arrivals, up by 1,059%.
“Despite the continuing effects of Covid-19, Cambodia’s strategy of full resumption of socio-economic activities within an endemic posture, has further increased Chinese arrivals for business and investment purposes, reinforcing an overall business migration into the country.”
Full-year results
Revenue generated from gaming tables made up $321.5m of the total, up by 79.1%, while electronic gaming revenue hit $124.3m – up by 182.6% year-on-year.
Revenue from hotel room, food and beverage and other income made up the remaining $14.8m, a rise of $12.4m.
The overall cost of sales was $59.5m, slightly less excessive than the cost of $70.0m in 2021. Gaming tax totalled $25.1m, more than double the gaming tax generated in 2021.
This brought the gross profit for the year to $375.9m, a rise of 161.9%.
NagaCorp reported that other operating expenses totalled $201.4m for the year. This, along with administrative expenses of $52.1m and other income at $9.4m, brought the profit from operations to $131.7m for the year, $235.3m higher than in 2021.
Finance costs were also reduced, from a loss of $37.1m to a loss of $24.2m, bringing the pre-tax loss to $107.4m.
Following income tax of $212,000, the profit for the year was $107.2m, a year-on-year rise of $254.2m.
Earnings before interest, tax, depreciation and amortisation was $245.4m for 2022.