Supreme Ventures Group Reporting Record 2017 Revenues Of JA$56B, A 25% Increase Over 2016.
President & CEO of the Supreme Ventures Group, Ann-Dawn Young Sang, in her report contained in the company’s just released 2017 Annual Report, is reporting that the Group achieved record revenues of approximately JA$56 billion, representing a 25% increase over 2016.
This, combined with an effective cost management programme, resulted in a 44% increase in Profit from Operations, which surpassed the $2 billion mark.
The 2017 net profit of approximately $1.2 billion represents a minimal 1.6% increase over 2016, due to the impact of just over $471 million in non-cash and non-routine, one-off impairment adjustments in order to reflect prudent valuations for VLT licences and investment properties.
Group Chairman, David McConnell, in his report said that while the Group’s 2017 year-over-year net profit performance was relatively, the Group’s revenues grew by 25%, with approximately 14% of this growth being organically generated from non-Horse Racing operations.
The Group he said benefited from Management’s successful execution of its cost management programme, enabling adequate cash generation to reward stockholders with significantly increased dividend payments and substantial returns on invested capital.
The improved operating results were also positive for the government, as the Group paid out $5.4 billion in taxes, excluding corporate income tax, licences and fees.
This represented an approximately 17% increase over 2016, with the largest components being lottery and gaming taxes, Good Cause fees paid to the CHASE Fund and contributions to the Betting Gaming and Lotteries Commission (BGLC).
The Supreme Ventures Group paid out 71 cents to its shareholders in 2017, which almost doubled the 37 cents it paid out in 2016.
To view Supreme Ventures Limited 2017 Annual Report click HERE