Nagakov Inc., the operator of Nagarwold, a casino resort monopoly in Cambodia’s capital Phnom Penh, made a $52.7 million profit in the first half of the year, it said in a filing with the Hong Kong Stock Exchange on Monday. That compares with a $77.2 million loss in the first half of 2021, when the resort was shut down for a considerable period of time due to COVID-19 measures.
The company also announced that it is offering an interim dividend of $0.0073 per share through its Scrip shares. Nagakov said that the Scrip dividend payments benefit shareholders, while allowing the company to “preserve cash flow” and improve the “trading liquidity” of the shares.
The company did not pay dividends last year.
The group’s first-half earnings (EBITDA) before interest, taxation, depreciation and amortization in 2022 was $130.1 million, compared to $4.5 million in the first half of 2021, it said on Monday.
Nagakov said the recovery from the negative impact of the COVID-19 pandemic continued during the reporting period. It cited “an impressive 39.4% increase in net income” in the second quarter of 2022. According to the company, this was “achieved on the back of higher business volumes and continued effective cost controls across all business segments.”
The company said average daily business volumes in the gaming mass market and premium mass market between April and June had “already recovered to 80.3% and 71.8% respectively” of volumes recorded throughout 2019, Nagakov’s top performing year before the start of the COVID-19 pandemic.
The company holds Phnom Penh’s long-lived exclusive casino license through its Naga World resort complex (pictured). The company said its first-half earnings benefited “from a large expatriate community” in the Cambodian capital.
Group overall revenue for the six months to June 30 was nearly $243 million, an increase of 86.3% year over year.
Total gaming revenue (GGR) from casino operations was $237.4 million, compared with $129.3 million in the same period in 2021.
VIP Market GGR decreased 72.1% year-over-year to $17.2 million in the first half of 2022. Public Market Table GGR increased 245.8% to $103.3 million, while Premium Market Table GGR also more than tripled in the latest reporting period to $61.3 million, the group said.
E-table game operating revenue rose 193.0% year-over-year to $55.5 million.
Revenue from hotel room revenues, food and beverage and other “other” items was $5.6 million, compared to $1.1 million a year earlier.
Nagakov said cash and deposits rose to US$212.9 million at the end of June this year from US$125.1 million as of December 31, 2
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