by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – SUN International has reported income of R5,8 billion (US$307 million) in the first half of 2023.
This is an 11,7 percent increase from the corresponding period last year.
The result builds on Sun International’s strong performance achieved in 2022.
Despite a significant increase in diesel costs and other cost pressures, disciplined cost management contributed to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) being up by 5,6 percent to R1,6 billion.
Adjusted headline earnings improved from R444 million to R482 million, with adjusted headline earnings per share increasing by 10,1 percent from 179 cents per share to 197 cents per share for the review period.
Gaming income, which makes up 78 percent of group income, showed continued sustained growth with income up 6,6 percent.
Resorts and hotels income achieved exceptional growth, increasing by 26,9 percent during the review period.
“Although economic conditions in South Africa and the environment in which we operate remains challenging, our business has proven to be resilient, and we anticipate that we will continue to improve earnings in the second half of the year,” Sun International stated.
– CAJ News