Sunbet’s Record-Breaking Income Boosts Sun International’s Financial Results for H1 2024

Overall Revenue Growth

For the broader Sun International group, total income for the same period rose by five per cent, reaching R6bn (£255.5m). Gaming, which remains the backbone of Sun International’s operations, accounted for 77.4% of the total revenue and showed sustained growth of 3.4%. The group’s four largest urban casinos saw a 2.2% increase in income, while Sun noted that smaller regional casino growth remained challenging.

Sun International reported a decline in income from Sun Slots, which fell by 4.3% to R686m (£29.2m). To address this issue, the company’s management has launched a range of initiatives aimed at reversing the trend, although specific actions were not disclosed.

EBITDA and Financial Outlook

Adjusted EBITDA for the group rose by 4% to R1.6bn (£68.2m), with an adjusted EBITDA margin of 27.3%. The company emphasized its robust financial standing, stating that its “balance sheet remains robust, providing us with the financial flexibility to invest in growth opportunities.” Sun International plans to focus on leveraging its strong brand and market presence through Sunbet to expand customer base and enter new online markets across Africa.

Sun International expressed optimism about the future, citing recent government initiatives designed to boost economic activity and infrastructure development. The company expects these efforts, alongside improvements in electricity supply, easing inflation, and lower interest rates, to create a more favourable operating environment in the medium-to-long term.

“Building on our strong performance in the first half of the year, we remain committed to delivering value to our stakeholders through strategic initiatives and operational excellence“, the company stated.