Nagacorp Ltd. announces net profit up 27 percent in 2015

Hong Kong-listed Nagacorp Ltd has reported positive financial results for 2015, with net profit at US$172.6 million, up 27 percent from 2014, according to its 2015 annual report.

Nagacorp chairman, Timothy McNally says the positive results were attributed to operational and execution efficiency, private-public sector cooperation and “an increasingly vibrant tourism market” which led to increased performance from all segments of the business. NcNally also added that international tourist arrivals continued to grow, recording 4.8 million visitors in 2015, up 6 percent from the year before.

According to the report, gross gaming revenue in Phnom Penh, where NagaWorld is situated, rose 26 percent to $481 million.

The chairman said the business’ mass and slots segment saw increased performance, with electronic gaming machines (EGM) revenue up 61.8 percent to $136.8 million, attributed to an increase in bills-in of 16 percent as well as an additional 269 machines in 2015, and public floor tables revenue up 11.2 percent to $120.8 million. The VIP market also saw growth, VIP market revenue up 19 percent to $222.9 million.

Total revenue stood at $503.7 million in 2015, compared to $404.3 million in 2014.

Non-gaming revenue also increased slightly to $23.1 million due to better performance in food & beverage and other hotel services, said the report.

In a separate filing to the stock exchange, NagaCorp’s board has proposed a final dividend of US cents 1.89 per share for the year ended Dec. 31, 2015, subject to shareholders approval.

Payment of the final dividend, if approved at the upcoming AGM held on Apr. 20,  2016 will be paid by post on or about Tuesday, May 10, 2016 to shareholders whose names appear on the company’s register of members as at Tuesday, Apr. 26, 2016.

According to Nagacorp, payment of the proposed final dividend on all shares currently in issue would represent an aggregate dividend payout ratio of 60 percent, based on the net profit generated in 2015.