RGB International Bhd, a leading gaming product distributor headquartered in Malaysia, has recently announced its financial results for the three months ending on March 31, 2024. The company’s performance has exceeded expectations, marked by a significant increase in profit before tax, driven primarily by substantial revenue growth in its core Sales and Marketing division.
Financial Performance Overview:
RGB International Bhd has reported a remarkable profit before tax of MYR25.3 million (US$5.4 million) for the first quarter of 2024, reflecting a substantial increase of 112% compared to the same period last year. This impressive growth can be attributed to a surge in revenues, particularly in the Sales and Marketing division, which witnessed a staggering 154% year-on-year increase, reaching MYR174.9 million (US$37.2 million). Additionally, the Technical Support and Management (TSM) division also contributed to the company’s success, with revenues growing by 30% year-on-year to MYR33.4 million (US$7.1 million). Overall, RGB’s group-wide revenue soared by 121% year-on-year to MYR210.1 million (US$44.7 million), indicating robust performance across its business segments.
Factors Driving Revenue Growth:
The exponential growth in revenue can be primarily attributed to an increase in the number of products sold by RGB International Bhd. The company’s strategic focus on expanding its product portfolio and penetrating new markets has yielded significant results. Furthermore, improved performance in some Technical Support and Management outlets has contributed to the overall revenue growth. RGB’s proactive approach to identifying and capitalizing on market opportunities has been instrumental in driving its sales and revenue figures to new heights.
Market – The Philippines:
RGB International Bhd is strategically positioned to leverage the growth opportunities presented by key markets such as the Philippines. The Philippine Amusement and Gaming Corporation (PAGCOR) has reported record-breaking Gross Gaming Revenue, reaching Php285 billion (US$4.9 billion) in 2023, with projections to surpass Php336 billion (US$5.7 billion) in 2024. This remarkable growth trajectory is fueled by the opening of new casinos and continuous expansion in the electronic gaming segment. As a pivotal slot machine distributor and a major player in the machine concession business in the Philippines, RGB is well-positioned to capitalize on this industry boom. The company’s strong presence in the market, coupled with its extensive expertise, ensures its readiness to seize emerging opportunities and drive sustained growth in the region.
Future Outlook and Strategic Initiatives:
RGB International Bhd remains optimistic about its future prospects, anticipating a stronger performance in 2024. The company is committed to maintaining its strategic focus on key growth markets while remaining vigilant for emerging opportunities. With its solid foundation, diversified product portfolio, and strong market presence, RGB is well-equipped to navigate evolving industry dynamics and capitalize on growth opportunities. The company’s proactive approach to innovation, coupled with its commitment to delivering exceptional value to customers, positions it for continued success in the dynamic gaming industry landscape.
RGB International Bhd’s exceptional financial performance for the first quarter of 2024 underscores its resilience, strategic foresight, and strong market position. The company’s robust revenue growth, particularly in its Sales and Marketing division, reflects its ability to capitalize on market opportunities and drive sustained business expansion. With a promising outlook, especially in key markets like the Philippines, RGB is poised for continued growth and success in the gaming industry. As it continues to execute its strategic initiatives and capitalize on emerging trends, RGB International Bhd remains a formidable player in the global gaming landscape, poised for further success and growth in the years to come.