Table of Contents
Key Points
- Sun International's profit surged to R932 million ($52 million) in H1 2024, nearly doubling last year’s R485 million ($27.05 million).
- Revenue grew 5% year-over-year to R5.99 billion ($333.8 million), driven by strong performance in gaming, which represents 77.4% of total revenue.
- The board approved an interim gross cash dividend of R1.61 ($0.09) per share, reflecting a commitment to balancing growth and shareholder returns.
Sun International Limited, a leading hospitality and leisure group led by South African executive Anthony Leeming, reported robust financial results for the first half of 2024, significantly surpassing market expectations. The group recorded a notable profit surge, driven by earnings from its discontinued operations and consistent revenue growth.
Sun International's profit for the six months ended June 30, 2024, reached R932 million ($52 million), nearly double the R485 million ($27.05 million) reported in the same period last year. The company's profit was buoyed by a R343-million ($19.1 million) contribution from discontinued operations, a key driver of the overall financial improvement.
Revenue up 5 percent year-over-year
The group's revenue also showed a healthy five-percent year-over-year increase, rising 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, continued to demonstrate strength, growing by 3.4 percent during the period. This segment remains the bedrock of the group’s earnings, contributing significantly to the revenue increase.
In line with its dividend policy aimed at delivering sustainable returns to shareholders, the company’s board approved an interim gross cash dividend of R1.61 ($0.09) per share, amounting to R416 million ($23.2 million). The payout underscores the company’s commitment to balancing growth and shareholder returns.
Sun International grows assets, equity
Founded 56 years ago by Sol Kezner, Sun International has evolved into a leading player in Africa’s gaming and hospitality sectors. Under Anthony Leeming’s stewardship, the company has further cemented its market position despite broader economic headwinds.
The group's total assets saw a marginal rise, growing from R13.57 billion ($756.8 million) as of Dec. 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), reflecting the company’s strengthened balance sheet on the back of its strong performance.
Looking forward, Sun International's focus on its gaming core and strategic expansion into hospitality continues to set a solid foundation for future growth. The results for the first half of 2024 signal the group's resilience and ability to navigate a challenging macroeconomic environment while delivering value to its shareholders.
