Supreme Ventures Suffers Loss Due To COVID-19

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As a result of the various strategies implemented by the Government to combat the spread of COVID-19, the Supreme Ventures Group experienced a 20 per cent decline in gaming income and 67 per cent reduction in net profits for the last quarter.

While the Group recorded impressive results from the first quarter, the second quarter was met with a blow due to curfews, lockdowns and social distancing which resulted in the temporary closure of Post to Post Betting Limited (PSP), Supreme Ventures Racing and Entertainment Limited (SVREL), and Supreme Route Limited (SRL).

On the other hand, the group achieved a gross profit of 24 per cent or $1.51 billion due to lesser pay-outs to external agencies.

Operating profit fell by 53 per cent to $427.1 million as a result of increased administrative expenses and reduced income over the period. When higher finance costs and taxes were factored in, the group’s net profit came to $192.2 million with $206.5 million being attributable to shareholders and a $14.3 million loss related to PSP and SRL. For the six-month period, net profit attributable to shareholders came up to approximately $929 million compared to $1.25 billion.

The group’s sports betting and pin codes segments had general increases in their results while lottery and gaming and hospitality saw declines in results. The loss for the horse racing segment effectively doubled to $206.2 million.

Lottery and pin codes still represent 85 per cent of the group’s overall segment revenues with the remaining segments contributing the other 15 per cent.

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