Malaysian gaming product distributor RGB International Bhd reported a 142% year-on-year increase in group-wide revenue in 3Q23 to MYR170.4 million (US$36.6 million), attributed to a general increase in the number of products sold. The figure was, however, 49% lower than in Q2 when revenue reached a post-COVID high of MYR333.7 million (US$71.6 million).
Group-wide profit of MYR28.1 million (US$6.0 million) was also up more than 1,660% compared with 3Q22 but down 4% sequentially.
According to details filed with the Malaysian bourse on Wednesday, revenue in the sales and marketing division was up 212% year-on-year to MYR137.4 million (US$29.5 million) and profit by 278% to MYR23.4 million (US$5.0 million) due to an increase in the number of products sold.
In the Technical Support and Management (TSM) division, revenue grew by 24% to MYR32.0 million (US$6.9 million) with profit of MYR7.17 million (US$1.5 million) on improved performance across most TSM outlets, while Engineering Services saw revenue grow by 62% to MYR507,000 (US$109,000).
For the first nine months of 2023 combined, RGB has seen its revenue increase by 292% year-on-year to MYR599.2 million (US$129 million), with profit of MYR69.5 million (US$14.9 million).
Commenting on its future prospects, the company said, “The tourism and hospitality industries are expected to continue recovering, supported by the increase in international travel, especially in the regions where the Group operates.
“Given the favourable market outlook, the Group expects to achieve a strong performance for the financial year ending 31 December 2023, underpinned by the sturdy orders secured to date, despite facing inflationary pressure on its operating costs.”
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