Supreme Ventures Group Reporting Best First Quarter In The History Of The Group’s Operation
Supreme Ventures Group is reporting JA$621 million in profits, representing the best results for a first quarter reported in the history of the Group’s operation, this according to Group President and CEO Ann Dawn Young Sang.
In her shareholder’s report included in the company’s just released unaudited financial statements for the quarter ending March 3 1, 2019, she indicated that this was a marginal improvement on the March 2018 quarter.
Total Gaming income recorded a 15% increase of $1.2 billion when compared to the corresponding period in 2018, while direct expenses amounting to $7.4 billion, was $990.0 million, or 15%, higher than prior year same period she reported.
Direct expenses exclude prizes paid for fixed odds wagering games as these are included in gaming income.
Total gross ticket sales for the quarter amounted to $17.7 billion, representing an increase of 16% over the corresponding period in 2018.
Gross profits amounted to $1.9 billion, a 14.8% increase over March 2018, which is attributed to the higher sales for Cash Pot, Pick 4, Money Time, Super Lotto, PIN codes, horseracing and sports betting.
The Group’s performance for the period is attributed mainly to the continued focus on its strategic priorities she reported.
Revenues from the lottery games portfolio has continued its strong growth trend from the previous year, stimulated by the successful deployment of marketing and retail initiatives.
The Cash Pot, Money Time and Pick 4 games in particular, continue to increase in popularity and sales.
Sports Betting has grown significantly for the current period, benefitting from the execution of key initiatives and product offerings.
These initiatives contributed to a favourable increase of 33% in revenues when compared to 2018.
The Horseracing segment recorded the highest increase in revenue performance year on year and management is focused on consistent delivery of an entertainment package to maintain the momentum achieved, despite the legacy challenges being faced.
The segment however incurred a loss for the quarter, resulting from increased expenditure on repairs and maintenance.
Mobile gaming launched in QI featuring Cash Pot and Money Time, with marketing activities driving awareness and registration for the product, however expected challenges with the verification process are creating a bottleneck.
This will be addressed using tactics such as SMS messaging and pop up verification. The App currently has 1105 registered players with 306 active players.
Guyana operations is being built out and is expected to show positive returns before the end of 2019, with current focus on investing to create the right product in Guyana, which can be built on.
Supreme Ventures Group closed the quarter with earnings per share of 24 cents.
The Directors have confirmed that a dividend amount of twenty-one cents per stock unit is to be paid to shareholders on record as at May 10, 2019 to be paid on May 24, 2019.