Summary by Futu AI
Galaxy Ent Group Limited ("Galaxy") announced its interim results for the six months ended June 30, 2024. Net profit increased by 37% year-on-year to HKD 21.5 billion, while adjusted EBITDA also increased by 37% year-on-year to HKD 6 billion. Adjusted EBITDA for the second quarter was HKD 3.2 billion, an increase of 28% year-on-year and 12% quarter-on-quarter. Galaxy said that its resort hotels recorded near 100% occupancy rates in both the quarter and the first half of the year. The group's balance sheet remains healthy, with cash and liquid investments of HKD 29 billion and a net balance of HKD 25.2 billion after deducting liabilities. Galaxy announced that it will pay an interim dividend of HKD 0.50 per share on October 25, 2024. In addition, Galaxy is currently undertaking its fourth development plan, which will focus on non-gambling businesses and is expected to be completed in 2027.