Supreme Ventures Limited (SVL) has advised it successfully raised J$3 billion by way of a private placement of a medium-term fixed-rate unsecured corporate bond at an interest rate of seven per cent which matures on October 30, 2025.
On October 21, the company announced that regional credit rating body, Caribbean Information & Credit Rating Services Limited (CariCRIS) had assigned it an overall ‘good creditworthiness’ rating.
The company was rated BBB+ on a regional and jmAA- for local currency and jmA+ for foreign currency on the national ratings scale.
SVL’s executive chairman, Gary Peart, said the “credit ratings have cemented and re-affirmed SVL’s strong focus on performance and results coupled with its consistent and efficient management of the company’s operations. He added that the company continues to demonstrate its ability to innovate and to always show its game changing tactics.”
SVL’s performance has been improving although remaining below results in 2019.
For the nine months ending September 30, Supreme Ventures reported net profit of $1.6 billion.
This is a reduction from earnings of $1.76 billion at September 2019, a year earlier.
Company revenue slid from $28.06 billion in 2019 to $27.94 billion at September this year.
There was an uptick in performance of Q3, resulting in profits of $622.8 million for the quarter representing an improvement over prior year by $96.3 million.
Total gross ticket sales for the quarter amounted to $19.9 billion, representing an increase of 12.6 per cent over the corresponding period in 2019.
Total gaming income of $10.4 billion represented an increase of $409.9 million or 2.5 per cent when compared to the corresponding period in 2019, while direct expenses amounting to $8.2 billion was $613.1 million or 2.7 per cent, higher than the prior year same period.
The net profit for the period of $1.6 billion was a decline of $210.8 million or 12 per cent when compared to the same period in 2019.
The reduced profitability for the nine-month period continues to be as a result of the second quarter performance which was significantly impacted by COVID-19, directors said. The group says its new strategic focus includes providing alternative methods to access products to boost revenues.
Overall, year to date gross ticket sales have improved by $2 billion or 3.8 per cent over 2019.