KUALA LUMPUR: In a grand comeback following the Covid-19 pandemic, which saw much of the leisure and attractions industry taking a beating, Singapore Exchange-listed Sim Leisure Group Ltd posted stellar results for its financial year ended Dec 31, 2022 (FY22).
The group posted record revenue of RM67.596 million, a 282% year-on-year increase from 2021. Meanwhile, net profit soared to RM25.931 million, marking a 350% turnaround from a net loss registered in the previous financial year.
There was also a stark increase in the group’s revenue and net profit recorded for the first half of FY22, which stood at RM26.571 million and RM10.107 million respectively.
KidZania Kuala Lumpur, which the group acquired in December 2020, saw profit after just seven months of operation in 2022, after it reopened its doors following pandemic-related restrictions and a turnaround of the business from years of losses incurred under the previous ownership. The children’s edutainment attraction recorded a net profit of RM6.459 million in FY22, further solidifying Sim Leisure group’s track record of turning around distressed assets.
The group’s profit is largely attributed to the increase of visitors to its properties, including its proprietary Escape brand of destinations in Penang and Petaling Jaya, which saw a surge in visitors walking through their gates throughout the year.
“We are truly delighted with these financial results and our performance in FY2022.
“However, all the signs pointed to the fact that we would be indeed charting record profits and revenue in FY2022, which saw the full lifting of restrictions and the addition of unique attractions that cannot be found anywhere else in this region,” said Sim Leisure Group Founder and chairman Datuk Sim Choo Kheng.
“We are still forging ahead with our plans to open seven new destinations within the next year, namely Escape Ipoh, which we expect to open in Q4 2023, as well as Escape Cameron Highlands. Simultaneously, we are in the midst of developing several Escape properties overseas, which will make Escape the first local leisure brand to be exported internationally,” he added.
To cement Malaysia’s position on the world’s themed leisure map, Sim Leisure Group has developed Cool Melon, its proprietary technology, implementing it at all of its attractions to provide a seamless visitor experience.
“Visitors simply need to purchase their tickets online. after which they will upload a selfie that will allow them entry into the park, leveraging facial recognition technology,” said Sim.
Source: The Sun Daily
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