SJM records a loss of HK$1.20bn – but revenue up 127%

Updated:2024-03-30 08:02    Views:199

Key stats:

- H1 2023 revenue hits HK$9.36bn (US$1.19bn)

- Adjusted EBITDA records a sum of HK$461m

- At the time of writing, SJM has a market cap of HK$22.3bn

SJM has revealed that it saw a 127% increase in its revenue for H1 2023, which totalled HK$9.36bn. Breaking down that sum, the company’s gaming revenue was up significantly year-on-year, from HK$3.81bn in H1 2022 to HK$8.70bn in H1 2023.

As the graph below shows, SJM’s total group net revenue for H1 2023 is the highest it has been in the company’s post-pandemic results for the H1 period.

However, despite the significant rise seen from H1 2022 to H1 2023, SJM is still some way off the HK$17.07bn it recorded in H1 2019.

Looking at its adjusted EBITDA, SJM has (in a similar jump to its revenue) recorded a 139% increase year-on-year, totalling a positive sum of HK$461m.

For H1 2022, SJM posted an adjusted EBITDA of minus HK$1.17bn – which was a 131% decrease on H1 2021, when it recorded an adjusted EBITDA of minus HK$510m. In 2020,slots its H1 adjusted EBITDA stood at minus HK$984m, representing a 147% decrease on H1 2019’s HK$2.08bn.

Despite the vastly improved figures from SJM, it ultimately recorded a loss for the period of HK$1.12bn. However, this sum is significantly down on the loss it posted in H1 2022, which stood at HK$2.77bn.

The data below shows the losses that SJM has reported since 2019 (when it last recorded a profit).

H1 2023 shows that SJM is starting to lessen the losses, though it saw its worst fall in H1 2022; however, it has a long way to go to get back to profit.

For the year so far, the share price of SJM has been somewhat uneven, with it recording its year high of HK$4.17 on March 1 and again on April 3.

At the time of writing, it currently sits at HK$3.14, with a market cap of HK$22.3bn.