Record Sunbet income fuels Sun International H1 uptick

Sunbet has posted record income of ZAR512m (£21.8m), up 71.8 per cent, in one of the headlines from Sun International’s latest financial report.

The group said Sunbet “continued its phenomenal growth trajectory,” with the income for the six-month period to June 30, 2024 – and the year-to-date comparison – “surpassing once again its aggressive growth targets.”

Overall income for the period rose five per cent to R6bn (£255.5m), with gaming income, which accounted for 77.4 per cent of Sun International’s revenue, demonstrating “sustained growth” of 3.4 per cent.

Casino income at the group’s four largest urban casinos grew by 2.2 per cent, while the smaller regional casino growth “remained challenging,” Sun said.

Sun said its management has launched a “range of initiatives” to address the decline in Sun Slots income, which fell 4.3 per cent to R686m (£29.2m).

Adjusted EBITDA was up four per cent to R1.6bn (£68.2m) with an adjusted EBITDA margin of 27.3 per cent.

“The gaming industry is experiencing dynamic changes and Sun International, through Sunbet, will continue leveraging its strong brand and market presence to expand our customer base and enter new online markets across Africa,” – the company said.

“Our balance sheet remains robust, providing us with the financial flexibility to invest in growth opportunities. Through strategic planning, efficient capital allocation, cost management and a focus on operational excellence, Sun International will sustain its growth trajectory and preserve stakeholder value.”

“We expect the recent government initiatives aimed at stimulating economic activity and improving infrastructure including the stabilisation of the electricity supply, easing inflation and lower interest rates to create a more favourable operating environment in the medium-to-long term.”

“Building on our strong performance in the first half of the year, we remain committed to delivering value to our stakeholders through strategic initiatives and operational excellence.”

Source: intergameonline.com

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