Cirsa Group shared the financial report for the second quarter of 2024.
Spain.- Cirsa Group, a multinational company in the gaming and leisure sector based in Spain, issued its financial report for the second quarter of 2024. The company recorded operating revenues of EUR520m and an operating profit of EUR171m.
These results represent an improvement in operating revenues by 3.9 percent and operating profit by 8.3 percent compared to the second quarter of 2023.
As a result of increases in financial expenses, the company reported net earnings of EUR10.9m, which was a drop compared to EUR19.4m achieved in 2023.
From Cirsa, it was commented that "the increase in EBITDA was mainly due to the good performance of its business units in different markets in terms of revenue, highlighting the Slots Spain business unit."
Regarding operating revenues, the growth was mainly attributed "to the good performance of the Casino business unit, as well as the Slots Spain business unit."
"These results have been possible thanks to the Group's commitment to improving results, focusing on customer service and productivity, the two fundamental axes in the sustainable growth of the Group, even with an uncertain macroeconomic environment," they highlighted.
At the same time, Cirsa recalled that in July it made public the acquisition of the Peruvian online operator Apuesta Total, which operates under an omnichannel model that includes a complete platform for sports betting and online casino, combined with a network of more than 500 betting points in Peru.
See also: Cirsa creates a diversity, equality, and inclusion committee
Casinos
About the Casino business unit, Cirsa stated that the results of the second quarter "continue with the good trend and improvement of results compared to the previous year," and that "the roadmap marked in recent years involves the renewal of the machine park and the remodeling of the casino facilities to improve customer service."
In this way, the business unit continues with the strict execution of commercial and productivity plans, as well as with the selective growth of casinos, incorporating a new casino in Panama and another in Colombia.
Slots Spain
Regarding the Slots Spain segment, it has closed a good second quarter, meeting revenue and EBITDA targets, and with a good performance of the commercial plan. According to the company, the selective acquisition of quality sales points and the incorporation of a new operation in Madrid have met the expansion plan objectives.
On the other hand, activity in the industrial area has experienced a very good growth pace thanks to the excellent reception of the Manhattan Boom model in hospitality with the new Smart GIM (Comprehensive Coin Management) and a professional and efficient management of the product at the point of sale.
Slots Italy
About the Slots Italy unit, the company reported that it has managed to reduce the impact of the unfavorable market evolution during the second quarter, thanks to the implementation plans for improvements in that country. "Cirsa Italy continues focused on product improvement, service support at sales points (POS), and the execution of productivity plans," they detailed.
Online gaming and betting
Regarding the online gaming and sports betting business unit, they indicated that it continues to show its dynamism with growths in net income compared to the same period of the previous year.
