Galaxy Entertainment Group has announced net profits during the fourth quarter of 2023 amounting to HK$2.8 billion (US$357.7 million), while 2023’s adjusted earnings before interest, taxes, depreciation, and amortisation totalled HK$10 billion (US$1.2 billion).
The fourth quarter result represents a significant increase compared to the corresponding period in 2022, when profits of $163 million (US$20.8 million) were recorded. The annual figure also marks a substantial jump against the HK$600 million (US$76.6 million) that was reported in 2022’s yearly earnings. Covid-19 pandemic measures were in force during 2022, severely restricting travel to Macao.
The gaming conglomerate said its full-year net revenue for 2023 reached HK$35.7 billion (US$4.5 billion), representing an increase of 211 percent year-on-year.
[See more: Galaxy’s earnings continued their ascent in the third quarter]
The total cash and liquid investments of the gaming giant came to HK$25 billion (US$3.1 billion), as of 31 December 2023.
Galaxy Entertainment Group will pay a special dividend of HK$0.30 (US$0.04) per share to its shareholders in April 2024, noting that “these dividends [including the ones in 2023] demonstrate our continued confidence in the long-term outlook of Macao and for the company.”
In a statement, Galaxy’s chairman Lui Che Woo said “Our solid balance sheet and cash flow from operations” would allow the company to “fund our development pipeline and pursue our international expansion ambitions.”
