Sun International Limited, a renowned hospitality and leisure firm run by South African CEO Anthony Leeming, announced strong financial results for the first half of 2024, far above market forecasts. The group’s profits increased significantly, thanks to revenues from ceased activities and continuous revenue growth.
Sun International’s profit for the six months ending June 30, 2024, was R932 million ($52 million), almost doubling the R485 million ($27.05 million) reported in the same period last year. The company’s profit was boosted by an R343-million ($19.1 million) contribution from ceased operations, which was a key driver of overall financial growth.
The group’s income increased by a healthy five percent year on year, to R5.99 billion ($333.8 million) from R5.71 billion ($318.2 million) in 2023. Gaming, which accounts for 77.4 percent of Sun International’s revenue, remained strong, increasing by 3.4% throughout the year. This segment remains the foundation of the group’s earnings, contributing considerably to the revenue increase.
In accordance with its dividend policy, which aims to provide shareholders with long-term returns, the company’s board approved an interim gross cash payment of R1.61 ($0.09) per share, totaling R416 million ($23.2 million). The payout demonstrates the company’s commitment to balancing expansion with shareholder returns.
Sun International, founded 56 years ago by Sol Kezner, is now a top participant in Africa’s casino and hospitality sectors. Under Anthony Leeming’s leadership, the company has strengthened its market position amid broader economic difficulties.
The group’s total assets increased little, rising from R13.57 billion ($756.8 million) on December 31, 2023 to R13.62 billion ($760 million) by the end of June 2024. Equity also increased from R2.01 billion ($112.1 million) to R2.13 billion ($118.7 million), showing the company’s improved balance sheet as a result of its good performance.
Looking ahead, Sun International’s concentration on its gaming core and planned development into hospitality continue to lay the groundwork for future success. The results for the first half of 2024 demonstrate the group’s resilience and capacity to handle a challenging macroeconomic environment while providing value to its shareholders.
