Sun International has once again demonstrated its strength by delivering outstanding financial results, driven by the remarkable performance of its subsidiary, SunBet, despite the economic challenges and energy crisis faced by South Africa.
The company’s income for the year has surged by an impressive 7.0% compared to the previous year, reaching a total of R12.1 billion. Furthermore, the South African adjusted EBITDA has seen a growth of 3.0%, rising to R3.4 billion.
SunBet, in particular, has been the star performer, achieving record-breaking income during the 2023 financial year. Its revenue has skyrocketed by an astonishing 116.2% compared to the previous year, surpassing even the company’s ambitious growth targets.
Anthony Leeming, the CEO of Sun International, expressed his satisfaction with the company’s performance, stating,
“Sun International’s success reflects the quality of our operating businesses and our disciplined execution of strategies, which consistently drive shareholder value.”
While the recent acquisition of Peermont Holdings Proprietary Limited, a renowned hospitality and entertainment group that operates 11 properties across South Africa and Botswana, including the online sportsbook PalaceBet, did not directly impact the current financial results, it has generated significant excitement within the industry.
Leeming acknowledged the anticipation surrounding the Peermont acquisition, stating, “Although the proposed Peermont acquisition is not expected to have a major impact on our financial performance in 2024, given the ongoing regulatory approvals and fulfillment of conditions precedent, I am delighted by the opportunities it presents. We eagerly look forward to concluding this strategically significant transaction.”
Sun International’s ability to thrive amidst economic headwinds and its remarkable success with SunBet highlight its resilience and position as a leading player in the industry. With the promising prospects arising from the Peermont acquisition, the company is poised for continued growth and success in the future.
