Supreme Ventures Group Makes Record Profits For 2018 & Record Payments To Government
The Supreme Ventures Group continues to have a positive impact on the country’s bottom line having paid over 12% more in total fees and taxes to the Government in 2018 than the previous year.
The company’s financials for 2018 displayed an increase in taxes based on a 50% increase in the company’s Total Comprehensive Income for the year. The company generated a record breaking $2.1 Billion in revenues for 2018.
This performance enabled the Group to pay approximately a record $6.9 Billion in total fees and taxes to the government, representing an increase of approximately $800 Million, or over 12% higher than 2017, and $4.8 Billion, or 229% greater than profits.
The boom in revenue was attributed to taking a very strategic and laser target emphasis on its core revenue products that resulted in significant growth in its profits and gross ticket sales amounting to $62 Billion, a 12.3% increase compared to 2017.
2018 was also the year SVL fully adopted IFRS 9 and 15 (Financial Instruments and Revenue from Contracts with Customers), which resulted in additional disclosures and changes in how revenues and financial instruments are accounted for especially in providing for credit losses.
The emphasis on revenue initiatives, which resulted in increased ticket sales coupled with a 5.64% operating expense efficiency ratio, had a combined effect that resulted in the 50.3% increase in total comprehensive income for the year, allowing the gaming group to surpass the $2 Billion mark for the first time in the company’s history.
President and CEO of Supreme Ventures, Ann-Dawn Young Sang said an adjustment in the company’s focus on several fronts resulted in the record-breaking inflows and the 12% increase in levies.
“We focussed on driving our key revenue drivers and investing in the build out of the Group’s infrastructure, while also successfully implementing cost savings initiatives. Our financial performance in 2018 reflects our drive, focus and execution of core strategic initiatives such as our expansion into the mobile gaming arena, innovative promotions for our products and the kick-off of our regional expansion plans with our first regional outlet in Guyana under the iBet Supreme brand,” she said.
Mrs. Young Sang also pointed out that SVL continues to give back through various CSR programs, ranging from Back to School and Christmas assistance to those in need to the recently signed MOU with the Ministry of Youth committing to improving fire safety at children’s homes across the country.
“We continue to give back to the communities we serve. Our record contribution of $1.7 Billion in fees to the Consolidated Fund in 2018, through which various benefits or contributions to Culture, Arts, Sports and Education, etc. also occurs. This has put our total contribution towards these worthwhile causes to over $18 Billion since we began making the contributions in 2004,” she said.
SVL also continues its partnership with RISE Life Management Services, funding their addiction hotline service over the Christmas holidays when the need for such services spike, as well as executing responsible gaming initiatives such as the recently concluded jingle competition, along with providing assistance with a number of worthy causes.
By the end of 2018, the Group contributed well over $43 Billion to various other stakeholders including prizes paid to customers, retailers, etc., all together providing significant contributions to the country’s economy.