Nagacorp reports strong H1 with revenue up across all units

| By Marese O'Hagan
Nagacorp has reported revenue of $242.9m (£203.2m/€238.2m) in its half year 2022 results as business segments thrived across the board.

This was an increase of 9.5% compared to H1 2021.

Most of the revenue consisted of that from casino gaming tables, which totaled at $181.8m- 7.6% higher compared to half H1 2021.

Revenue from electronic casino gaming machines was $55.5m, a rise of $36.5m yearly. Income from hotel rooms, food sales and other sources made up the remaining $5.6m, which was five times the corresponding revenue recorded in H1 2021.

Revenue from Nagacorp’s mass market segment accounted for $158.8m of the overall revenue, more than three times the mass market revenue in the first half of 2021. Premium mass market revenue for the half was $61.3m – once again, more than three times the $18.8m recorded in H1 2021.

The referral VIP market, at $17.3m in revenue, and non-gaming revenue at $5.6m make up the remaining amount.

Gaming tax amounted to $14.2m, more than double that in the company’s H1 2021 results. However, cost of sales fell by 34.5% to $36.5m.

This resulted in a gross profit of $192.2m for the year, more than two-and-a-half times the gross profit of $68m recorded in H1 2021.

Other income saw $2m added to the total. However, administrative expenses at $25m and other operating expenses at $97m resulted in a profit of $72.1m from operations alone.

Finance costs fell slightly to $18.1m, which left the profit before taxation at $53.9m. After income tax of $1.2m, the total net profit was $52.7m. This was up by $129.9m from the same period in 2022.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the half topped $130.1m, explosive growth compared to the EBITDA of $4.5m recorded in the first half of 2021.

Meanwhile, revenue in Q2 totaled at $127m, up by 15.3% from the first quarter of the year.

All three of Nagacorp’s business segments also saw quarter-on-quarter growth. In Q2, the mass market revenue was $9.6m, a rise of 15.9%. Premium mass rollings also rose, by 14.5% to $8.6m, while referral VIP rollings doubled year-on-year to $3.9m.

EBITDA came to $69m for the quarter, up by 13.1%.

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