NagaCorp reported a significant increase in revenue, doubling from $225.8 million in 2021 to $451.6 million in 2022, a trend reflected across all financial results for the period. Timothy Patrick McNally, chairman of NagaCorp, stated that the company was one of the few regional businesses to achieve profitability in 2022. "The gradual recovery of our business and resiliency of our earnings in the face of major market disruptions placed NagaCorp as only one of the two regional gaming companies to achieve profitability during the period," McNally noted. He further commented on the improved business environment in Cambodia, following the lifting of pandemic restrictions. In 2022, Cambodia welcomed 2.2 million international arrivals, marking a 1,059% increase. McNally emphasized that despite the ongoing impact of Covid-19, Cambodia's strategy to fully resume socio-economic activities has led to an increase in Chinese arrivals for business and investment, thereby reinforcing overall business migration to the country.
The full-year results showed that revenue from gaming tables amounted to $321.5 million, an increase of 79.1%. Electronic gaming revenue also saw a significant jump, reaching $124.3 million, up 182.6% year-on-year. Combined, revenue from hotel rooms, food and beverages, and other income accounted for $14.8 million, an increase of $12.4 million. The overall cost of sales stood at $59.5 million, down from $70.0 million in 2021, while gaming tax amounted to $25.1 million, more than double that of the previous year. This resulted in a gross profit of $375.9 million, reflecting a rise of 161.9%.
NagaCorp also reported other operating expenses totaling $201.4 million, along with administrative expenses of $52.1 million and other income of $9.4 million, leading to a profit from operations of $131.7 million for the year, which is an increase of $235.3 million compared to 2021. Finance costs decreased from a loss of $37.1 million to a loss of $24.2 million, resulting in a pre-tax loss of $107.4 million. After accounting for income tax of $212,000, the profit for the year was reported at $107.2 million, a year-on-year increase of $254.2 million. Earnings before interest, tax, depreciation, and amortization for 2022 reached $245.4 million.
