There is a notable shift in the executive landscape of SJM Holdings as the company embarks on a strategic management reorganisation. Christopher Ip has been appointed as the new Chief Financial Officer (CFO), stepping into the role with immediate effect as of 6 December. This transition marks a significant change within the firm’s hierarchy as the outgoing CFO, Ben Toh Hup Hock, transitions to the position of Chief Operating Officer (COO).
Christopher Ip, a seasoned executive, brings with him a wealth of experience garnered from his previous service as CFO of The Hongkong and Shanghai Hotels, where he also served as an executive director from January 2021 to March 2023. Ip’s extensive financial and managerial expertise has been crafted through prominent roles across various industry giants, including the Jardine Matheson Group, Morgan Stanley, and Deutsche Bank. He boasts an impressive academic background with a degree in International Relations from Brown University in the United States and a Master of Business Administration degree from London Business School.
The incumbent COO, Ben Toh, held the CFO mantle at SJM since early 2021, and concurrently served as the COO for finance and development at SJM Resorts. Toh’s professional trajectory includes a significant stint in a senior finance role at Sands China. The reshuffling of these high-profile management positions comes on the heels of SJM last month publishing its Q3 results, which demonstrated substantial growth on a year-over-year basis.
SJM reported an impressive increase of 492.9% in net gaming revenue, which soared to HK$5.41bn (£549.6m/€641.9m/US$692.5m) for the third quarter. This surge is largely attributed to the lifting of pandemic measures in Macau which allowed for a resurgence in gaming activities. A detailed look at the breakdown of revenues showcases gross gaming revenue skyrocketing by 502.0% to $5.73bn, with a significant portion, $4.90bn, arising from non-rolling activities—a substantial increase of 506.8%. The electronic gaming segment didn’t lag behind, boasting a 330.2% increase to $499m. Additionally, a fulsome $335m was credited to rolling games, which experienced an astounding rise of 1,055.2% compared to the previous year.
The financial state of the company witnessed a positive turnaround with the adjusted EBITDA registering at $566m, a stark contrast to the negative $968m posted in the previous year. The adjusted EBITDA margin significantly improved, standing at 9.6% in stark comparison to last year’s negative figure of 94.2%.
Further solidifying the company’s financial resurgence, the year-to-date figures tell a story of recovery and growth. Net gaming revenue increased by 198.6% to $14.11bn. Parallel to this, the gross gaming revenue experienced a commendable rise of 196.9%, reaching $14.91bn. Tying together the financial gains, group adjusted EBITDA was up by 147.9% at $1.03bn, with a margin of 6.7%, showcasing the firm’s improved operational efficiency.
The restructuring of SJM Holdings’ top brass with Ip as the new CFO and Toh assuming the COO position is expected to usher in a strengthened management team that can build on the growth momentum evidenced by the latest financial results. As SJM Holdings continues to adapt to post-pandemic market dynamics and further solidifies its operations in Macau’s gaming industry, the strategic appointments are anticipated to be instrumental in steering the company towards sustained profitability and success.
