by TINTSWALO BALOYI
JOHANNESBURG – SUN International has announced a 37 percent increase in income, to R5,2 billion (US$307 million), for the half year ended June 30, 2022.
Sustainable cost savings contributed to the adjusted earnings before interest, taxes, depreciation, and amortization, (EBITDA) being up by 99 percent to R1,5 billion.
Adjusted headline earnings improved from a loss of R7 million to an earnings of R438 million, equivalent to adjusted headline earnings of 177 cents per share from a loss of 3 cents per share, in the prior comparative period.
The company achieved the results despite a trading environment impacted by the ongoing effects of the COVID-19, power outages, increasing fuel prices, high inflation and international supply chain disruptions.
Gaming income from casinos, Sun Slots and SunBet, which make up 82 percent of group income, showed a significant recovery with income up 30 percent.
The group was able to successfully defend and grow market share in most provinces, while income generated from Sun Slots recovered to exceed pre-pandemic levels.
SunBet generated record income during the period under review and is well on its way to achieving its aggressive growth targets for this business.
Sun International said operations improved significantly during the first six months of 2022, due to the last pandemic related restrictions having been lifted.
“We anticipate that this trend will continue for the remainder of the year” the Johannesburg Stock Exchange-listed firm stated.
– CAJ News