Nagacorp, a leading casino operator in Cambodia, has announced its half-year 2022 results, showcasing strong growth and financial success across its business segments. The company reported a total revenue of $242.9m, representing a significant increase of 9.5% compared to the first half of 2021. The remarkable performance was driven by revenue growth in casino gaming tables, electronic gaming machines, hotel rooms, food sales, and other sources. Nagacorp’s focus on the mass market and premium mass market segments proved particularly fruitful, contributing to the company’s impressive financial results.
Revenue Breakdown and Segment Growth:
The majority of Nagacorp’s revenue, amounting to $181.8m, came from casino gaming tables, reflecting a 7.6% increase compared to H1 2021. Revenue from electronic casino gaming machines witnessed a substantial rise, reaching $55.5m, a year-on-year increase of $36.5m. The remaining revenue of $5.6m was generated from hotel rooms, food sales, and other sources, which represented a remarkable five-fold increase compared to H1 2021.
Nagacorp’s focus on the mass market segment yielded exceptional results, with revenue of $158.8m, more than triple the mass market revenue achieved in the first half of 2021. The premium mass market segment also experienced significant growth, contributing $61.3m in revenue, more than three times the amount recorded in H1 2021. The referral VIP market accounted for $17.3m in revenue, while non-gaming revenue contributed $5.6m to the overall total.
Financial Performance and Profitability:
Despite an increase in gaming tax, which amounted to $14.2m, Nagacorp’s cost of sales decreased by 34.5% to $36.5m. Consequently, the company achieved a gross profit of $192.2m, more than two and a half times the gross profit recorded in H1 2021. Additionally, other income added $2m to the total.
After accounting for administrative expenses of $25m and other operating expenses of $97m, Nagacorp generated a profit of $72.1m from operations alone. Finance costs slightly decreased to $18.1m, resulting in a profit before taxation of $53.9m. After deducting income tax of $1.2m, the company reported a net profit of $52.7m. This marked a substantial increase of $129.9m compared to the same period in 2021.
Impressive Earnings and Quarter-on-Quarter Growth:
Nagacorp’s strong financial performance continued in the second quarter of 2022, with total revenue reaching $127m, reflecting a significant increase of 15.3% compared to the previous quarter. All three business segments experienced quarter-on-quarter growth. The mass market revenue rose to $9.6m, a 15.9% increase, while premium mass rollings increased by 14.5% to $8.6m. Referral VIP rollings doubled year-on-year, reaching $3.9m.
Nagacorp’s EBITDA for the half-year reached an impressive $130.1m, showcasing explosive growth compared to the $4.5m recorded in the first half of 2021. Additionally, the company’s EBITDA for the second quarter amounted to $69m, a substantial increase of 13.1%.
Nagacorp’s H1 2022 results demonstrate its strong performance and financial success, driven by revenue growth across all business segments. The company’s focus on the mass market and premium mass market segments proved highly effective, contributing to significant revenue increases. With a gross profit more than double that of the previous year and substantial net profit growth, Nagacorp showcases its position as a leading casino operator in Cambodia. As the company continues to deliver impressive results, it solidifies its reputation as a key player in the gaming industry.