SVL profit for Q1 surges 68%

Gaming company Supreme Ventures posted a net profit of $1 billion for the 2022 first quarter to March, an increase of $400 million or 68 percent compared to the first quarter in 2021, resulting from Gaming income climbing just 18.7 percent to $12.7 billion, compared to $10.7 billion generated in the corresponding period in 2021.
“This huge uplift in profitability for the three months is a result of several factors including the hugely successful re-introduction of the popular Instants “Scratchaz” game and our successful implementation of significant cost-savings initiatives,” Gary Peart, Executive Chairman, stated in his report accompanying the results.
“Total gross ticket sales for the quarter was $27.7 billion, an increase of 164 percent over the corresponding period in 2021, as customers welcomed new initiatives that positively impacted their pockets during a difficult economic downturn,” Peart continued to state.
Direct expenses amounted to $9.8 billion and were $1.2 billion, or 13 percent, higher than the $8.7 billion incurred for the 2021 first quarter. Peart further reported that “with a continued focus on expense management, we have further invested in expanding the business as we prepare for the reopening of the economy and the expected upturn that will result. The increased cost resulted from the higher amounts paid to our key partners and regulators during the quarter.”
Gross profit for the quarter amounts to $2.9 billion, representing a rise of $864 million or 42.8 percent compared to the $2 billion pulled in during the first quarter of 2021.
Segment results show the Lotteries segment being the star performer in the group, accounting for nearly 93 percent of segment results in generating gaming income of $6 billion, a 31 percent increase of $1.4 billion in revenues, while segment results showed an increase of 82 percent to $1.2 billion from $630 million in 2021.

Supreme Ventures traded at a new high of $33.41 on Friday.

The Sports Betting segment reported $287 million and gaming income increased 16.6 percent by $490 million, to $3.5 billion, over the first quarter of 2021. PIN codes sales saw an increase of $116 million or 3.9 percent to $3 billion for the quarter, resulting in segment results of $85 million, almost doubling that earned in 2021.
Cash inflows from operations hauled in $1.65 billion, up from $1 billion in 2021, but mainly due to dividends paid amounting to $686 million, purchase of shares in a subsidiary and purchase of property and equipment, the company used up $935 million of the surplus at the end of December last year of $4.4 billion.
At the end of the period, Shareholders’ Equity stood at $4.55 billion and was augmented by borrowing $6 billion in long term loans and $443 million in short term funding. Current Assets ended the quarter at $7.6 billion, up from $7.1 in the previous year’s first quarter. Current Liabilities stood at $5.7 billion compared to $3.7 billion at the end of 2021 first quarter. Cash funds and short term investments ended the period at $3.4 billion, down from $5 billion in 2021.  Net current assets deteriorated over the past year ending at $1.9 billion compared to $3.45 in March last year.
Earnings per share for the quarter is 37.79 cents, up 68 percent over the EPS in 2021 of 22.46 cents, if the trend continues, earnings for the full year should hit the $1.60 mark for the year with a PE of 20 at Friday’s closing price of $32. The company will pay a dividend of 34.01 cents per share on May 20.

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