Supreme Ventures Group Reporting 12.3% Jump In Profits For 9 Months Ending September 30, 2019
The Supreme Ventures Group is reporting JA$526.53 million in profits, for the nine months ending September 30, 2019, representing an increase of $57.66 million or 12.3% when compared to the corresponding period in 2018.
The results include the performance of the recently acquired operations of Post to Post Betting Limited of $28.07 million, with profits allocated to non-controlling interests of $13.76 million.
Total Gaming income and other revenue recorded a 16.2% increase of $1.32 billion when compared to the corresponding period in 2018.
Total gross ticket sales for the quarter amounted to $14.2 billion, representing an increase of 26% over the corresponding period in 2018.
Direct expenses of $7.57 billion were 16% higher than prior year, excluding prizes paid for fixed odds wagering games as these are included in gaming income.
Commenting on the results President and CEO Ann-Dawn Young Sang reported that revenues from the lottery games portfolio has continued its strong growth trend from the previous quarter with total gross ticket sales of $12.8 billion, an increase of 18% over the corresponding period in 2018.
Stimulated by the successful deployment of marketing and retail initiatives, all games recorded increases during the quarter led by Cash Pot, MoneyTime and Pick 4 games.
The segment also recorded an increase by 12.9% in prizes being won by players versus prior year.
This she said signals the increase in winners being generated and the resulting impact in the economy.
She expects that the economic conditions will remain favorable over the next two quarters, driving demand for entertainment and by extension a healthy demand for their products.