SJM Holdings Ltd has showcased a significant turnaround, reporting a profit of HKD101 million (US$13.0 million) for the third quarter ended September 30, contrasting sharply with a loss of HKD410 million during the same period last year. This notable recovery highlights the company’s resilience and strategic adaptations in a fluctuating market.
Quarterly financial highlights and yearly comparisons:
The firm disclosed an impressive 83.2-percent surge in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching nearly HKD1.04 billion. This growth is supported by a 27.8 percent increase in group-wide total net revenue, which amounted to just under HKD7.50 billion for the July to September period. Notably, net gaming revenue itself climbed by 29.2 percent to nearly HKD7.00 billion, reflecting a robust recovery and growing patronage.
According to GGRAsia, during the same quarter, SJM Holdings reported that its rolling gross gaming revenue (GGR) escalated to HKD778 million, up from HKD335 million in the previous year. Furthermore, non-rolling GGR saw a 24.6 percent year-on-year increase to HKD6.10 billion, with electronic games GGR also rising by 24.2 percent to HKD620 million.
The group’s Cotai resort, Grand Lisboa Palace, has been a significant contributor to this upward trajectory. The resort’s total revenue reached HKD1.78 billion in the third quarter, with its adjusted property EBITDA turning positive at HKD165 million—an improvement from a negative HKD27 million a year earlier. This performance underscores the resort’s growing influence and operational success in the region.
Year-to-date financial overview:
Despite the strong quarterly performance, SJM Holdings recorded a loss of HKD61 million for the nine months to September 30. However, this marks an improvement over the previous year’s losses, demonstrating the company’s gradual path to financial stabilization. Revenue for this period rose by 39.9 percent year-on-year to HKD21.30 billion, with adjusted EBITDA for the first nine months reaching HKD2.77 billion, a stark contrast to HKD1.03 billion a year ago.
Moody’s Investors Service Inc. has noted the strategic importance of the Grand Lisboa Palace in SJM’s portfolio, expecting the ramp-up of this property to significantly aid SJM in gaining market share and establishing a robust presence in Cotai.
The improvement in SJM’s adjusted EBITDA margin, which rose to 13.8 percent in 3Q24 from 9.6 percent in the same quarter last year, reflects the company’s strategic focus on profitability through cost optimization and enhanced revenue generation. This is further evidenced by the year-to-date adjusted EBITDA margin, which stood at 13 percent, up from 6.7 percent in the comparable period of 2023.
The Grand Lisboa Hotel also reported substantial growth, with gross revenue reaching HKD2.02 billion, driven by a solid gaming performance. The property’s adjusted property EBITDA for the quarter was HKD545 million, significantly higher than the HKD373 million reported in 3Q23, highlighting improved operational efficiency.
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