Gary Peart Executive Chairman Supreme Ventures Limited (SVL) Has Released The Following Interim Report To Stockholders For The Three Months Ended March 31, 2024
The Group recognized Gross revenues of $13.08 billion representing an increase of $218.46 million or 2% over Q1 2023. This was driven by Gross ticket sales of $28.69 billion (Q1 2023: 29.01 billion) and a payout ratio of 69.90% (Q1 2023: 70.91%) on our core product line being Lottery.
Direct costs amounted to $10.12 billion which was relatively in line with the prior year comparative period. Total costs include contributions to Government agencies and related bodies of over $2.71 billion. Supreme Ventures Limited continues to be one of the largest contributors to the Government coffers at multiple times our profitability.
The earnings per share is 33.51 cents for the first quarter ending March 31, 2024. The Group has proposed interim dividends to external shareholders of 30.16 cents for the three months ending March 31, 2024.
Total assets increased by $1.28 billion to $22.15 billion.
For the first quarter 2024, the operating segments recorded results of $1.32 billion, an increase of $360 million or 38% in relation to Q1 2023.
The Group experienced double digit growth in net segment results across all operating segments. Our lottery segment, sports betting segment and pin codes segment improved by 13.86%, 22.48% and 17.96% respectively.
Our customers continue to achieve record winnings as we focus on increasing customer engagement across the base. Our continued investment in new games and promotions will result in long-term customer loyalty and positive results in the medium to long term.
The Group generated positive cash flows from operations of $369.53 million to close on March 31st, 2024, with a cash and cash equivalents balance of $2.83 billion (Q1 2023: 3.26 billion).
The Group met all requirements and covenants under the terms of agreement with bondholders and other credit facilities during the quarter.
We continue to put back over 93.00% of our earnings into the Jamaican economy via prizes, fees, taxes, and operational payments.
Today, we can proudly say that since 2004 we have contributed more than $27.5 billion to
the government for good causes.
Innovation remains a key strategic focus for SVL. We introduced the exciting new jackpot feature to the popular Money Time game, giving customers a chance to win a minimum of $100,000 every four minutes. The Money Time Jackpot promotion was officially launched on March 3 with a vibrant campaign starring top dancehall producer Rvssian and new singing sensation Nigy Boy.
Innovation extended to the fast-growing sports betting segment. Our flagship sports betting brand JustBet unveiled a fresh new look, reflecting the company’s commitment to providing customers with an enhanced betting experience. The brand refresh was followed up with the launch of the customer promotion in partnership with Sportsmax offering football fans an opportunity to watch the 2024 UEFA Champions League Finals live at London’s iconic Wembley Stadium.
The Group, through its subsidiary Fintech entered the Remittance and Bill payment space, forging a strategic partnership with Ria Money Transfer to roll out Evolve Money Transfer in February 2024 at various Supreme Ventures Locations.
Our micro-finance subsidiary, Mckayla, has also continued its upward growth trajectory, by increasing its loan book by 19% since December 2023, through the development of ground-breaking loan solutions and targeting the underserved population.
For more information CLICK HERE