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SJM Holdings’ net profit rises 12.5% in 2019

Macau gaming operator SJM Holdings said in a statement to the Hong Kong Stock Exchange on Monday that its net profit rose 12.5% year-on-year to HK$3.2 billion in 2019.

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Macau gaming operator SJM Holdings said in a statement to the Hong Kong Stock Exchange on Monday that its net profit rose 12.5 per cent year-on-year to HK$3.2 billion (US$411.9 million) in 2019.

According to the statement, net gaming revenue fell 1.5 per cent to HK$33.16 billion last year, while income from hotels, catering, retail and other businesses grew 5.4 per cent to HK$1.05 billion.

Adjusted EBITDA increased 13.2 per cent to HK$4.21 billion.

According to the statement, SJM, a subsidiary of the company, had a 14.1 per cent share of Macau’s gross gaming revenue last year – 18.2 per cent of the sector’s mass market table gaming revenue and 10.4 per cent of VIP gaming revenue.

According to the website of the Gaming Inspection and Coordination Bureau (DICJ), SJM owned 22 of Macau’s 41 casinos at the end of last year. Two SJM casinos have been suspended for some time.

The statement said that construction work on the Grand Lisboa Palace integrated hotel-casino resort in Cotai was completed in late 2019 and applications have been made “for the relevant licences to begin operation in the second half of 2020.”

The statement quoted SJM Holdings Vice-Chairman and CEO Ambrose So Shu-fai as saying that the company produced its “best results in the past five years” in 2019.

“SJM has entered 2020 in a strong position to face the year’s challenges. We extend our sympathy to all who have been affected by the [novel] coronavirus, and we pledge our continued support to the Macau government in combating its spread,” So said.

(The Macau Post Daily/Macau News)
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