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Earnings slump 25% at Supreme Ventures Limited amid COVID-19

Supreme Ventures Limited (SVL) has cited government restrictions associated with the pandemic for the decline in profits for the first half of the financial year.

SVL reported net profit of JM$928.9 million for the period ending June 30, 2020, a JM$316.3 million or 25.4 per cent decline when compared to the same period last year.

According to the gaming company, the decline in profits resulted from lower sales attributed to several of its outlets forced to close between April 2020 and June 2020 due to measures under the Disaster Risk Management Act (DRMA) to contain the COVID-19 virus.

“The group’s performance, like other companies across the globe, was negatively affected by the impact of COVID-19. Due to government measures to control the virus, a number of our retailers were closed for the majority of the period between April and June,” said the company in its interim Q2 report to stockholders. 

SVL raked in JM$7.4 billion in total gaming income, which represented a decrease of JM$1.9 billion.

The company further shared that ticket sales for the quarter amounted to 15.7 billion which represents a seven per cent decline in sales. While the company made payments of JM$1.47 billion to government and regulatory bodies. 

Despite the decline in sales caused by the pandemic the SVL said that the group’s strategic focus which includes revenue growth, optimising cost efficiencies and business expansion remains intact .