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Load shedding takes shine off Sun International performance

JOHANNESBURG – HOTEL chain and casino group, Sun International, has reported a 44 percent increase in income to R11,3 billion (about $627 777, 8) for the year ended December 31, 2022.

This is on the back of an excellent performance in the first half of the year.

Adjusted headline earnings improved from R110 million to earnings of R1,1 billion with adjusted headline earnings of 439 cents per share up from 44 cents per share in the prior year.

Gaming income from casinos, Sun Slots and SunBet which make up 80 percent of group income, showed a significant recovery with income up 36 percent.

The group was able to successfully defend and grow market share in all provinces, while income generated from Sun Slots recovered to pre-Covid-19 levels, the company stated.

SunBet generated record income during the year under review and is on its way to achieving Sun International’s aggressive growth targets for this business.

Sun International is on a focused journey to grow its current operating market and launch into new markets.

In this regard, it has concluded a 70 percent investment in SunBet Africa Holdings, for a consideration of $3,2 million (R57.6 million).

This company has online sports betting and casino licences to operate in Ghana, Kenya and Zambia.

“We are in the early stages of rolling out the SunBet operating model and brand in these markets, which have attractive long term growth potential,” Sun International stated.

Meanwhile load shedding is impacting company costs, with diesel expense incurred between R12 million and R14 million a month with an approximate 20 percent offset saving in electricity.

“We have accelerated our programme to explore all options around a comprehensive energy plan which will not only solve this challenge but also achieve good returns on capital,” Sun International stated.

– CAJ News

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