Net profit rose to $1.23 billion and $21.56 billion in total gaming revenue
Jamaica’s leading gaming company, Supreme Ventures Limited is reporting a profitable half year performance for 2021 with net profit growing to J$1.23 billion
At the same time, for the six months ended June 30, 2021 Total Gaming Revenue moved from $17.54 billion in 2020 to $21.56 billion for the period under review. For the quarter, Total Gaming Revenue closed at $10.85 billion coming from $7.42 billion in 2020.
Net profit for the half year period came out at $1.23 billion, representing a 32 per cent increase from the $928.96 million recorded in the prior comparable period. For the June quarter, net profit closed at $626.66 million compared with $192.17 million in 2020.
Operating profit for the period rose six per cent to $1.58 billion relative to $1.49 billion reported in 2020. For the June quarter, operating profit closed at $823.01 million coming from $427.09 million in 2020.
Revenues from the company’s segments were as follows:
- Revenue from ‘Non fixed odd wagering games, horse racing and pin codes’ amounted to $12.95 billion (2020: $9.70 billion), a 34 per cent increase.
- Income from fixed odd wagering games, net of prizes totaled $8.61 billion (2020: $7.85 billion), a 10 per cent rise year over year.
Total gaming income performance was driven largely by the significant growth in Cash Pot and Sports Betting. Direct expenses recorded an increase to close the period at $17.18 billion when compared to $13.74 billion for the same period in 2020.
Nonetheless, gross profit for the period rose 15 per cent to $4.37 billion (2020: $3.80 billion). For the quarter, gross profit closed at $2.36 billion (2020: $1.51 billion).
The company’s management points out that, “this significant increase is due to the partial closure of operations in Q2 2020 based on the restrictive measures. Additionally, the impact of the higher amounts paid to our key partners and Regulators during the quarter has affected the gross profit”.
More new products coming
The management disclosed that “new products will be launched through the retail channel as we continue to provide opportunities to grow for our retail partners, a critical part of the future of SVG (Supreme Ventures Group)”.
Operating expenses grew 21 per cent for the period to $2.87 billion (2020: $2.38 billion), while recording ‘Other income’ of $73.39 million relative to $64.18 million for the prior period in 2020. For the quarter, operating expenses amounted to $1.55 billion versus $1.08 billion booked in the previous year’s comparable quarter.
Finance income ended at $82.01 million relative to finance cost of $81.22 million reported 12 months earlier.
Slight jump in taxation
Taxation for the period rose two per cent to close at $487.27 million compared to $479.76 million in 2020. As at June 30, 2021, Supreme Ventures Limited had assets totaling $15.48 billion relative to $10.98 billion a year earlier.
The increase was due mainly to an increase in ‘Property, Plant and Equipment’ and ‘Cash and bank balances’ which closed at $4.11 billion (2020: $2.37 billion) and $4.13 billion (2020: $2.46 billion), respectively.