Anthony Leeming-led Sun International Posts $52-million Profit In H1 2024

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.

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 groups earnings, contributing significantly to the revenue increase.

In line with its dividend policy aimed at delivering sustainable returns to shareholders, the companys 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 companys commitment to balancing growth and shareholder returns.

Founded 56 years ago by Sol Kezner, Sun International has evolved into a leading player in Africas gaming and hospitality sectors. Under Anthony Leemings stewardship, the company has further cemented its market position despite broader economic headwinds.