Supreme increased profits

Profits jumped 32 percent to $3 billion from a 15.6 percent jump in revenues to $50.77 billion at Jamaica’s leading gaming company, Supreme Ventures, for 2022 over 2021, following a virtual stagnation in profits since 2019.

Supreme Ventures moved up from $24.25 at the end of last week to over $30.50 after the results.

Gross profit rose 20 percent to $11.3 billion, from $9.38 billion in 2021, as direct cost climbed slower than revenues, with a 14.4 percent increase in direct cost to $39.6 billion from $34.6 billion in 2021.
Selling, general and administrative expenses increased by 13 percent to $7 billion from $6.2 billion in 2021 and finance cost jumped to $535 million from just $30 million in 2021 was reduced by $374  million foreign exchange gains in 2021 compared with a loss of $82 million in 2022. Taxation fell to $781 million from $951 million in 2021, with the reduction due mainly to a credit of $203 million relating to losses at a subsidiary that was recognized in 2022.
“We have maintained our ongoing focus on managing costs”. “Our successful implementation of significant cost-saving initiatives has allowed us to continue our investment in the buildout of the company’s infrastructure,” the chairman Gary Peart advised shareholders in his update on the Group’s performance for 2022.
Segment results show the Lottery division generating a 19 percent increase in revenues to $23.6 billion and a profit of $5.1 billion compared with $19.85 billion and a segment profit of $3.28 billion in 2021. Sports Betting delivered a 20 percent rise in revenues of $14.4 billion for 2022 versus $12 billion in 2021 with a profit of $1.17 billion in 2022, up from $681 million, revenues for Pin Codes rose just 6 percent to $12.3 billion up from $11.6 billion with a profit of $333 million up from $214 million for 2021.

Gary Peart, Chairman

Current assets slipped from $7.6 billion in 2021 to $7 billion in 2022, while current liabilities climbed from $5.15 billion to $6.8 billion, primarily due to a $1.1 billion increase in prize and other liabilities owing. Shareholders’ equity rose to $4.69 billion, borrowed funding amounts to $5.8 billion due beyond a year and amounts due within a year stand at $540 million.
Earnings per share for the year amount to $1.15 is up from 87 cents in 2021, ICInsider.com projects earnings of $1.50 per share for 2023, with the price of the stock currently trading at $30, now at PE of 20 times earnings.
The Group paid four dividends of 67 cents last year, amounting to $2.45 billion, up from $2.1 billion in 2021 and just announced an interim dividend due to be paid in April of 34 cents per share, that will bring the total payment per share to $1.01 or 88 percent of profit.
The Group generated positive cash flows from operations of $3.66 billion to close 2022, with a cash and bank balance of $2.97 billion, representing a decrease from $44 billion at the end of the prior year.
“Digital innovations such as our lottery online platform SV Games, access to sports betting online through Just Bet Mobile, casino type games with Acropolis Online and horseracing through MBet are all growing mobile channels, from which we expect great things to continue. Our flagship lottery products continue to grow and the rebirth of the Instants product, “Scratchaz” has been an overwhelming success, introducing new market segments to the gaming sector. In addition, SVL has introduced the universal top up channel, “Charge Up”, which will ultimately become the source of top up for a variety of products and services from education to transportation. The SVL group’s digitization is comprehensive and its potential for growth is exponential,“ Peart informed investors.

A Supreme dip of 18% in Q1

Profit for Supreme ventures dipped 18 percent in the March 2021 quarter, to $602 million, from $737 million in 2020 from Sale revenues that rose 5.7 percent to $10.7 billion from $10.1 billion in 2021.
Growth in revenues disguises an 8 percent or $400 million dip in revenues for the lottery segment and a $1 billion jump in sports betting.
Gross profit slipped 8.8 percent to $2 billion from $2.3 billion in 2020 as direct cost rose 11 percent from $7.8 billion to $8.7 billion and gross profit margin slipped to 18.84 percent in the 2021 March quarter, from 22.68 percent. Selling, administrative and other expenses rose marginally to $1.32 billion, from $1.30 million in 2020.
Finance cost ended at just $12 million in the quarter, while taxation came in at $163 million from $272 million in 2020.
The company has four reporting segments; Lottery, Sports Betting that includes horseracing, Pin Codes, and Other. During the quarter, the Lottery segment generated revenues of $4.6 billion versus $4.99 billion in 2020, with profit falling 32 percent to $630 million compared to $928 million in 2020. Sports Betting raked in revenues of $3 billion versus $2 billion in 2020 and transformed a $4 million profit into a profit of $246 million in 2021, Pin Codes generated income of $2.95 billion in 2021 with a profit of $46 million versus revenues of $3 billion in 2020 and profit of $69 million and the Other segment had revenues of $125 million with a loss of $155 million compared to revenues of $83 million and with a small $3 million loss in 2020.
Earnings per share came in at 22.46 cents for the quarter, down from 28 cents for 2020. The lottery segment delivered an increase in revenues of 9.6 percent to $5.13 billion, up from $4.68 billion for the similar period in 2019, but the gains were nullified in the first quarter of 2021. With the company now faces increased competition, that could be one reason for the fall in revenues for this segment and is a matter to be closely watched as it could worsen going forward for the rest of the year.

Supreme Ventures traded at $16 on Friday.

Gross cash flow brought in $965 million, but additions to fixed assets and acquisition of subsidiary and the paying of $738 million in dividends resulted in a net outflow of $1.34 billion. At the end of March, shareholders’ equity stood at $4 billion, with borrowings at just $5.9 million. Net current assets ended the period at $7.1 billion, including cash funds of $4.97 billion, with Payables of $3.45 billion.
The company has declared an interim ordinary dividend of 20 cents per stock payable on May 21 to shareholders on record at May 7, with the ex-dividend date of May 6.
The stock traded at $16 on the Main Market of the Jamaica Stock Exchange, with a PE ratio of 16 times 2021 projected earnings of $1. There is the view that earnings to come, will show that the projection is too low.

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