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<Results>GALAXY ENT Interim NP Hikes 52% to $4.4B; Interim Div. Restarted at $0.5
GALAXY ENT (00027.HK) announced its results for 1H24 ending end-June. Net profit hiked 51.8% YoY to $4.387 billion, giving an EPS of HK100.3 cents, while net revenue and adjusted E...
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<Results>GALAXY ENT Interim NP Hikes 52% to $4.4B; Interim Div. Restarted at $0.5
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GALAXY ENT (00027.HK)  -0.300 (-1.058%)    Short selling $10.10M; Ratio 4.409%   announced its results for 1H24 ending end-June. Net profit hiked 51.8% YoY to $4.387 billion, giving an EPS of HK100.3 cents, while net revenue and adjusted EBITDA came in at $21.5 billion and $6.0 billion respectively, both up 37% YoY.

Dividend History
Announce DateEventParticular
2024/02/28FinalNo Dividend
2024/02/28FinalSD:HKD 0.3
2023/08/17InterimSD:HKD 0.2
2023/08/17InterimNo Dividend

An interim dividend of $0.50 per share was declared, the first regular interim dividend since 2004, although the company has declared a number of special interim dividends during the 20-year frame.

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The group's net revenue for 2Q24 was $10.9 billion, rising 26% YoY and 3% QoQ. Adjusted EBITDA for 2Q was $3.2 billion, lifting 28% YoY and 12% QoQ. Excluding a bad luck of $20 million due to a lower net win rate, normalised adjusted EBITDA for 2Q was also $3.2 billion.

Galaxy Macau, a subsidiary of the group, reported 1H24 net revenue of $17.0 billion, hiking 43% YoY, while adjusted EBITDA reached $5.4 billion, inclining 34% YoY. Net revenue for 2Q24 alone was $8.6 billion, growing 32% YoY and 4% QoQ. Adjusted EBITDA for the quarter rose 28% YoY to $2.8 billion, and the average occupancy rate of the 7 hotels in 2Q was 98%.

In addition, StarWorld Macau's net revenue for 1H24 grew 25% YoY to $2.7 billion, with adjusted EBITDA of $825 million, a 43% YoY increase. Net revenue for 2Q24 escalated 8% YoY but dipped 3% QoQ to $1.3 billion. Adjusted EBITDA for the quarter increased 8% YoY to $390 million and the average occupancy rate for 2Q was 100%.

GALAXY announced the opening of Capella at Galaxy Macau would be in the middle of next year. As for Cotai Phase 3, the Company has continued to enhance the business of Galaxy International Convention Centre (GICC), Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau. The Group is working on the development of Cotai Phase 4, which will focus on non-gaming activities, mainly entertainment and family-friendly facilities.

Lui Che Woo, Chairman of GALAXY, stated that the group's balance sheet continued to be healthy and liquid with total cash and liquid investments of HK$29.0 billion and the net position was HK$25.2 billion after debt of HK$3.8 billion. The strong balance sheet allowed the company to return capital to shareholders through dividends and to fund its longer-term development plans and international ambitions.

Lui further revealed that GALAXY is well advanced with the implementation of smart tables. The group completed the backend systems integration and customer database transfer, as well as the successful completion of live back-of-house pilot testing of smart tables. In early July, the group commenced the rollout of smart tables across Galaxy Macau’s mass gaming floor. The company anticipated the completion of the full rollout by 2024 year-end.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-13 16:25.)
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