PETALING JAYA: Singapore-listed Sim Leisure Group Ltd returned to positive territory with a RM25.9 million net profit for the 2022 financial year (FY22), driven partly by its Malaysia operations.
The leisure group, which runs the children’s amusement centre KidZania in Petaling Jaya and the Escape brand theme park in Penang, had posted an RM11.8 million net loss in the previous year, due to the Covid-19 pandemic.
The revenue rose 282% to RM67.6 million in FY22 for a 13.4 sen earnings per share.
The lion’s share of the company’s net profit and revenue came in the first half of FY22, which came up to RM10.11 million and RM26.57 million respectively.
Sim Leisure Group attributed the improvement to a higher number of visitors at all its properties as restrictions imposed to curb the spread of Covid-19 were lifted.
There was never a doubt that FY22 would turn out to be a very good year, according to founder Sim Choo Kheng.
“All the signs pointed to record profits and revenues as restrictions were lifted and new and unique attractions were added,” he said in a statement issued today.
KidZania chalked up a RM6.46 million profit in FY22, its first ever, seven months after it resumed operations in 2022.
Sim Leisure Group had acquired the loss-making children’s edutainment attraction in December 2020.
New attractions such as the world’s longest zip coaster, a ski slope and a Dead Sea pool were added to the Escape in Penang. Apart from that, it’s base camp was expanded.
The return of school excursion groups and team building exercises by business groups accounted for a third of Escape’s attendance in FY22.
Seven new Escape projects are already in the works, such as Escape Ipoh, which is set to open in the fourth quarter of this year, and Escape Cameron Highlands.
Sim said new projects are on the cards abroad, making Escape the first Malaysian leisure brand to go international.
The group did not declare a dividend this year.
Sim Leisure Group opened at 30 Singapore cents (RM1) today to give the company a market capitalisation of S$49.61 million (RM165.22 million).