Supreme Ventures Limited Reporting Best Third Quarter Performance In The History Of The Company’s Operations
Supreme Ventures Limited is reporting in The Group’s unaudited financial statements for the nine months ended September 30, 2018, JA$46.32 billion in revenues representing a 12.32% increase over the corresponding period in 2017.
The Group is also reporting direct expenses increasing by $4.5 billion or 12.18% over prior year.
There was also a 12% increase in statutory fees to the Government of Jamaica, totaling $4.12 billion for the period under review.
Gross profits increased by $564 million, a 13.54% increase over the same period in September 2017, attributed to higher amounts for key Lottery products, Horse Racing, VLT and Sports Betting.
Commenting on the performance of The Group, President and CEO, Ann-Dawn Young Sang reported that year to date net profits of $1.52 billion reflected an increase of $192.65 million or 14.52% when compared to the similar period in 2017, representing the best third quarter performance in the history of the Company’s operations.
The Group’s total segment performance of Earnings before Interest & Taxes reflects a 17.82% increase when compared to the same period last year.
Net results for the three months ended September 30, 2018 showed an increase over the same period prior year, from $406.79 million to $468.87 million, reflecting a 14.58% increase.
The Group’s performance for the quarter she said, is attributed to the continued focus on strategic priorities and the execution of key initiatives, which include revenue growth of 10% driven by improved performances in Sports Betting, Lottery, Horse Racing and VLTs.
The increase in the Group’s operating expenses was mainly due to the timing of operating expenses across the Group. Accordingly, the Group’s operating expense ratio remained relatively flat at 5.56%.
During the quarter, the company took the decision to dispose of the Harbour Street property, for $66 million, which is included in the Cash Flow Statement. This decision was made in an effort to dispose of assets not being utilized efficiently.
A key strategic and operational focus is the development and deployment of a mobile solution to further enhance the Group’s product offerings and customer experience. The company she said will be continuing on its strategic focus on building and growing its mobile solutions.
Supreme Ventures closed the quarter with earnings per share of 17.78 cents an improvement on the 15.52 cents for 2017. Year to date earnings per share was 57.62 cents, versus 50.32 cents in 2017 a 14.56% and 14.50% increase respectively.BM
To view Supreme Ventures Limited 3rd Quarter Financial Statements click HERE