KUALA LUMPUR: Magnum Bhd's net profit jumped 65.29 per cent to RM43.64 million for the second quarter ended June 30, 2023 (2Q23) from RM26.41 million a year ago, on the back of higher revenue.
Its quarterly revenue rose 11.4 per cent to RM537.11 million from RM482.14 million in 2Q22, mainly contributed by the gaming division.
As a result, the group's earnings per share rose 3.04 sen from 1.84 sen previously.
According to Magnum, despite the lower number of draws in the current quarter, its gaming revenue of RM537.11 million was higher than last year by RM55.1 million.
The increase was due to improved net sales per draw, especially the 4D Jackpot game, where there was a strong jackpot run during the current quarter.
"The gaming division recorded a pre-tax profit at RM60.5 million which was RM20.7 million higher when compared to RM39.8 million recorded in previous year's corresponding quarter.
"The higher gaming pre-tax profit was mainly due to higher gaming sales and coupled with lower prizes payout and operating expenses recorded in the current quarter," it said in a filing to Bursa Malaysia today.
For the cumulative six-month period, Magnum's net profit was up 37.98 per cent to RM59.42 million from RM43.06 million a year ago, while revenue rose 10.16 per cent to RM1.08 billion from RM983.19 million.
Magnum declared a second interim dividend of two sen per share, which is payable on Sept 13.
Magnum is cautiously optimistic that the performance of the gaming business for the second half year remains promising and encouraging.
It said this is based on the continued growth trend of all products in the past six months, notably 4D Jackpot game and Magnum Life game.