CIRSA Reported €100.6 Million in Operating Profit in The Third Quarter of 2021
SPAIN (November 17, 2021) — Capacity in productive hours from July to September stood at 89%, a notable improvement from the 62.4% of the previous quarter.
CIRSA, a leading multi-national gaming and entertainment company and Spain’s market leader, reported an operating profit of €100.6 million in the third quarter of 2021, once again achieving the targets promised to investors and the market. Operating income from July to September was €335 million. In the first nine months of 2021, the company accumulated an EBITDA of €210.3 million and an operating income of €738.9 million.
These results reflect the strict fulfilment of the targets included in the contingency and commercial plans implemented to face the pandemic situation.
For the quarter as a whole, operating hours amounted to 89%, representing an increase of 42.6% compared to the second quarter of this year. This improvement was a result of the gradual and heterogeneous reduction of restrictions in eight of the nine countries in which the company operates, as Morocco kept operations closed.
The improvement of restrictions in Spain had a positive impact on all subsectors of casinos, bingo halls, arcades and hospitality channel, where capacity and opening hour limitations had created a strong impact on the activity as a whole.
Thus, in the third quarter, there was an improvement in income in the hospitality channel of 8% compared to the same period of 2019; in the casinos subsector, 100% of this income was reached in September compared to a conventional year, whereas Sportium reached pre-pandemic activity levels between July and September. In Latin America, with more intense restrictions than in Europe, a quarterly average operating hours figure of 75.5% was achieved. All in all, 85% of the EBITDA of a conventional pre-Covid quarter was achieved.
Spain and Italy are now currently working at 100% of operating capacity in terms of productive hours, whereas Latin American countries are now at an average of 90.4%, a percentage that the Company expects to continue improving over the coming months.
CIRSA is a multi-national gaming and entertainment leader and Spain’s foremost company in the sector. Its business in 9 different countries is comprised of 149 casinos, more than 82,000 gaming machines, 80 bingo halls, 242 arcades, close to 3,000 sports betting outlets, as well as the industrial division, which consists of the research, design and manufacturing of gaming machines and management systems for arcades and interconnection between machines. It also holds online gaming licences in Spain and Colombia.
Q3 2021 Highlights
SOURCE: CIRSA Gaming Corporation.Tags: CIRSA Gaming Corporation