Supreme Ventures Limited (SVL) earned record profit as ticket sales climbed 16 per cent last year.
SVL reported profit of J$7.9 billion for the 2019 financial year, compared to J$6.49 billion in the previous year, according to the gaming and entertainment provider’s annual report.
Additionally, the double-digit percentage increase in gross ticket sales at the company resulted in a $10.1 billion bettering of prior year’s performance. Ticket sales closed out 2019 at $73.09 billion, up from $62.96 billion in 2018. The improvement was driven primarily by lottery, which increased $5.7 billion over 2019 and horse racing revenue, which also increased $846.6 million over the review period.
“While I consider the year 2019 as being an exciting milestone for the company, I am even more optimistic about the year to come.”– SVL Chairman Gary Peart
What’s more, combined revenue for its non-fixed and fixed odd wagering games jumped by $5.6 billion, to $38,516,310 billion. Of that amount, $23.29 billion is attributable to its non-fixed odd wagering games, horse racing and pin codes while $15.23 billion came from fixed odd wagering games.
However, direct costs associated with the business of both forms accounted for $30.6 billion of the total.
Supreme Ventures reported earnings per stocks of 92.59 cents, an increase over the 79.57 cents of the previous year.
Despite having its best performance yet, the Group’s Guyanese operations and Supreme Ventures Racing and Entertainment Limited (Caymanas) both reported losses, but the company notes that those of the latter were reduced “signifying the progress being made”.
Commenting on SVL’s performance, Chairman Gary Peart, said “The Group has maintained a clear focus on product, channel and country diversification over the past 24 months. This was illustrated in 2019 with the Guyana launch of Sports Betting, Cash Pot and Money Time products, the implementation of an exciting new platform for our Sports Betting customers in Jamaica, the acquisition of majority shareholding in PostToPost Betting Limited, and the continued improvement of the horse racing product at the iconic Caymanas Park.
“While I consider the year 2019 as being an exciting milestone for the company, I am even more optimistic about the year to come. We continue to be driven by innovation and will launch new products in 2020, expand our mobile channel reach into new segments, and offer our best in class lottery products in new markets.”