SJM Holdings Limited has announced a significant financial turnaround for the third quarter of this year, reporting a net profit of HKD101 million, a recovery from a loss of HKD410 million during the same period last year.
The company’s total net revenue surged 27.8% year-on-year, reaching HKD7.5 billion (approximately USD964 million).
An increase in net gaming revenue drove the growth, which rose 29.2% to HKD7 billion.
Chairman Daisy Ho attributed this success to the Grand Lisboa Palace Resort’s performance, stating, “The ramp-up at our flagship resort underscores our strong turnaround from previously challenging times to renewed growth.”
The resort’s total revenue increased 63.9% year-on-year, bolstered by both gaming and non-gaming segments.
SJM’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled to HKD2.78 billion, marking a substantial increase from HKD1.03 billion in the same period last year.
The adjusted EBITDA margin expanded from 6.7% to 13%, illustrating improved operational efficiency across its properties.
Notably, the Grand Lisboa Palace and Grand Lisboa properties reported significant revenue increases, with the former generating HKD1.78 billion in total revenue and the latter achieving HKD2.02 billion.
Despite these positive results, SJM faced challenges, including an unrealized fair value loss of HKD16 million in equity securities during the quarter.
However, the overall market share for SJM in gross gaming revenue climbed to 13.9%, up from 12.1% in Q3 of last year. The company also reported an impressive hotel occupancy rate of 97.7%, reflecting strong recovery in the tourism and hospitality sectors.
SJM Holdings has shared plans to introduce over ten new dining concepts at the Grand Lisboa Palace and expand its meetings, incentives, conferences and exhibitions (MICE) facilities by more than 50,000 square feet.
Additionally, SJM is committed to enhancing Macau’s cultural landscape through initiatives like the upcoming Kam Pek Market set to open Dec. 20. Nadia Shaw
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