Supreme Ventures on track for record profit
Published:Tuesday | November 24, 2015 | 12:00 AMTameka Gordon
Supreme Ventures Limited (SVL) is on track to deliver another record year of profits well above the billion-dollar mark.
The gaming and lottery company reported net profit of $901 million for the nine-month period ending September, reflecting a 46 per cent improvement year-over-year.
Assuming a profitable fourth quarter, SVL is on track to outperform its last best year, 2012, when it made $1.07 billion of profit. Its second-best year was 2014 with profit of $930 million.
The gains in the current nine-month period was the result of sales growing at a faster clip than direct expenses. Sales revenue grew by more than $2.2 billion, while the cost of sales rose by $1.7 billion.
The company racked up $32 billion in revenue up to end-September, which was seven per cent better than the $30 billion reported in the comparative 2014 period.
"The lottery segment continued to be the strongest performer in the group's operation," the company said, while citing strong revenues from the Cash Pot, Money Time and Top Draw games.
"With the reduction in full-scale gaming lounges from three in 2014 to one - the Acropolis Barbican - in 2015, revenues and losses from the gaming and hospitality segment have reduced by 31.5 per cent and 43.65 per cent, respectively," said SVL.
"The sports betting team continued the roll-out of its social space gaming strategy at select locations, with a rebranding exercise and the integration of lottery, sports betting and VLT machines in one gaming area."
Revenue from the lottery operations stood at $26.8 million with pin codes games rounding out the period at $4.8 million. Sports betting pulled in $331 million in revenues with the gaming and hospitality segment accounting for $215 million.