SJM Holdings reports 12.5pct y-on-y rise in net profit for 2019

Gaming operator reported HK$3.2 billion (US$400 million) in profit attributable to owners of the company in 2019, a 12.5 per cent year-on-year increase from the year prior, according to the group’s latest financial report published today.

The group also reported some HK$4.2 billion in adjusted EBITDA, a 13.2 per cent year-on-year increase, despite seeing a 1.2 per cent year-on-year fall in net gaming revenues to some HK$33.1 billion.

The group held a 14.1 per cent share of Macau’s gross gaming revenue in 2019, including 18.2 per cent of mass market table gaming revenue and 10.4 per cent of VIP gaming revenue.

Concerning SJM’s future first Cotai property, Grand Lisboa Palace, construction works were completed in late 2019 and applications were made for the relevant licenses in order for the integrated resort to be ablet o start operations in the second half of 2020.

The gaming operator also addressed the Covid-19 pandemic, stating that is expected to have a material adverse effect on the group’s results in the first half of 2020 and potentially beyond.

‘It is not possible to predict the full extent or duration of the impact, however, as it will depend on the progression of the disease and efforts to control it,’ the gaming operator indicated in a filing signed by its chairman and executive director, Daisy Ho.