CEO Morning Brief

Magnum 2Q Net Profit Up 65% on Higher Gaming Earnings, Declares Two Sen Dividend

Publish date: Fri, 18 Aug 2023, 08:45 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Aug 17): Magnum Bhd’s net profit jumped 65.29% to RM43.64 million for the second quarter ended June 30, 2023 (2QFY2023), from RM26.4 million a year earlier, mainly contributed by the group’s gaming division. Earnings per share rose 3.04 sen from 1.84 sen.

Quarterly revenue grew 11.4% to RM537.11 million from RM482.14 million in 2QFY2022, also driven by the gaming division, said the numbers forecast operator (NFO) in a filing on Thursday (Aug 17).

Magnum said its gaming revenue during the quarter also grew by 11.4% or RM55.1 million to RM537.1 million, despite a drop in the number of draws to 40 from 42 in 2QFY2022.

“The increase was due to improved net sales per draw, especially the 4D Jackpot game, where there was a strong jackpot run during the current quarter,” it said.

Gaming pre-tax profit for the quarter rose to RM60.5 million from RM39.8 million a year earlier, mainly due to higher gaming sales, coupled with lower prize payout and operating expenses.

For the cumulative six-month period, Magnum’s net profit rose 37.98% to RM59.42 million from RM43.06 million in the previous January-June period, as revenue increased 10.16% to RM1.08 billion from RM983.19 million.

Magnum declared a second interim dividend of two sen per share, payable on Sept 13.

On prospects, the group is cautiously optimistic on its gaming business performance for the second half of FY2023, with the hope that it will remain promising following the continued growth trend of all its products in the past six months, notably the 4D Jackpot and Magnum Life games.

Shares in Magnum finished two sen or 1.71% lower at RM1.15 on Thursday, valuing the group at RM1.65 billion.

Source: TheEdge - 18 Aug 2023

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