JAM | Jun 3, 2023

Supreme Ventures posts record profit in strong group performance

/ Our Today

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(from left to right) Gary Peart, executive chairman of Supreme Ventures Limited (SVL), shares a productive conversation with Lance Hylton, SVL director, during the group’s annual general meeting at the AC Marriott Hotel in Kingston. Joining them in the spotlight on Wednesday, May 31, 2023, is Dionne Reid, company secretary. (Photo: Contributed)

Jamaican gaming giant Supreme Ventures Limited (SVL) assessed its results for the year 2022, at its  annual general meeting (AGM) held at the AC Marriott Hotel in Kingston on Wednesday (May 31).

Against the backdrop of Jamaica’s macroeconomic environment, which even though showing positive signs of recovery was still hampered by high inflation, SVL realised a net profit of over J$3 billion, the highest in its 21-year history. 

Supreme Ventures success is attributed to strategic partnerships, a dedicated team, strong retailer network and its commitment to innovation and diversification.

Gary Peart, executive chairman of Supreme Ventures Limited, expressed his pride in the company’s exceptional performance over the past year, commending the team’s incredible resilience in steering through the global pandemic’s challenges and emerging stronger than ever.

“I am proud to report another year of solid performance for Supreme Ventures Limited Group. Our strategic initiatives, coupled with the dedication and hard work of our team, have contributed to our continued growth and success,” declared Peart.

Gary Peart, executive chairman of Supreme Ventures Limited (SVL), addresses the audience at the Supreme Ventures Limited (SVL) annual general meeting on Wednesday, May 31, 2023, at the AC Marriott Hotel, Kingston. The event showcases SVL’s commitment to excellence and corporate leadership in the present era. (Photo: Contributed)

“The possibilities for growth and innovation were bounded only by our vision, and we adopted an approach of limitless vision. By focusing on what could be rather than what already is, we have been able to create new opportunities for our customers, retailers and ourselves,” he added.

The lottery segment, SVL’s core operation, experienced robust growth, with revenues of J$11.8 billion, an  18.5 per cent increase on the prior year. The lottery segment, bolstered by the launch of the instant win scratch cards, Supreme Scratchaz, and the introduction of the Monsta Ball feature to Cash Pot and Money Time, achieved a remarkable segment result of $5.1 billion.

A Jamaican man looking at past Supreme Ventures draws before placing his stakes on a gamble in January 2022. (Photo: Facebook @SVLJA)

The company also made significant acquisitions, including an additional 29 per cent stake in Supreme Route Limited and a five per cent stake in McKayla Financial Services Limited. These acquisitions reinforce SVL’s dedication to expanding its market share and strengthening its position in the industry.

Another highlight of SVL’s performance was Caymanas Park, which, under the stewardship of SVL subsidiary Supreme Ventures Racing and Entertainment Limited (SVREL), realized a profit for the first time.

Peart emphasised the noteworthy turnaround in profitability, stating, “Caymanas Park, once considered a burden on our operations, has now emerged as a driving force for profitability within the group. This sector has witnessed one of the most remarkable turnarounds in corporate profit history.”

In his eyes, “the efforts made to raise the standard of the horseracing product, including the export of the local horseracing product to North America, investments in key infrastructure like the digital tote board, and the staging of marquee race days such as the Mouttet Mile Invitational, have contributed to its remarkable success.”

Jockey Matthew Bennett onboard Secret Identity dominates the track at the MBet Summit of Speed at Caymanas Park on Saturday, December 11, 2021. (Photo: Contributed)

In 2022, SVL paid approximately $10.4 billion in fees and taxes to the Government, a substantial sum, which exceeds 3.4 times the group’s profit after tax.

As the meeting concluded, SVL’s shareholders expressed satisfaction with the company’s performance and strategic direction. The stock price reflected investor confidence, closing the year at J$29.93 on the Jamaica Stock Exchange (JSE), representing a remarkable 61.78 per cent increase over the previous year.

Looking ahead, SVL is filled with optimism as it explores new markets such as its agreement with Ghanaian operator Game Park, develops new promotions and innovations in gaming, expands its innovative fintech products, and continues its impactful community initiatives through the Supreme Ventures Foundation (SVF).

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