RGB International Bhd, a Malaysian company, has made waves with its exceptional performance in the first quarter of 2024. With a staggering 112% year-on-year profit increase, reaching MYR25.3 million profit before tax, RGB has set a remarkable pace for the year ahead.
Revenue Growth Dynamics:
RGB’s revenue surge is multifaceted, with significant contributions from both its Sales and Marketing division as well as its Technical Support and Management (TSM) segment. Sales and Marketing witnessed an impressive 154% year-on-year growth and a remarkable 120% month-on-month increase, primarily attributed to escalating product sales. On the other hand, TSM experienced a 30% year-on-year revenue boost, totaling MYR33.4 million, driven by stellar performances across select TSM centers.
Group-Wide Revenue Surge:
The collective revenue of RGB International Bhd soared to MYR210.1 million, marking an outstanding 121% increase compared to the previous year. This substantial growth underscores the company’s expanding market presence and the effectiveness of its strategic initiatives.
Future Outlook and Growth Prospects:
RGB remains bullish about its future prospects, citing confidence in sustaining its robust performance trajectory. The company attributes its optimism to key growth drivers, notably highlighting the burgeoning market in the Philippines as a primary catalyst. With continuous growth in electronic gaming in the Philippines, RGB anticipates even stronger performance throughout 2024.
Major Project Win:
A significant milestone for RGB is the recent award of a project by the Philippines’ gaming regulatory body, PACGOR, to its wholly-owned subsidiary, RGB (Macau). The project, valued at MYR382 million, entails the supply of 1,968 electronic gaming machines (EGMs) and associated accessories, LED signage, and displays for Casino Filipino branches under PACGOR’s jurisdiction. Additionally, RGB will provide logistics arrangements, engineering technical support, and product training. The project diversifies RGB’s portfolio and underscores its expertise in serving the gaming industry.
Product Portfolio and Market Penetration:
RGB’s success is further buoyed by its diverse product portfolio and strategic market penetration. Noteworthy among the supplied EGM brands are 888 units of Light & Wonder, 888 units of Aristocrat, 150 units of Konami, and 42 units of KL Saberi. This comprehensive offering enables RGB to cater to varied preferences within the gaming sector, solidifying its position as a leading provider in the industry.
RGB International Bhd’s stellar performance in the first quarter of 2024 exemplifies its prowess in the gaming industry. With exceptional revenue growth, strategic market expansions, and notable project wins, RGB has positioned itself for continued success. As the company navigates through the remainder of 2024, its unwavering commitment to excellence and innovation sets the stage for sustained growth and profitability.