Business

Supreme Ventures pays 12% more in taxes and fees

Wednesday, March 06, 2019

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SUPREME Ventures Group generated a record $2.1 billion in revenues for the 2018 financial year.

The performance enabled the Group to increase its taxes to the government by approximately $800 million, or over 12 per cent higher than 2017.

“The Supreme Ventures Group continues to have a positive impact on the country's bottom line having paid over 12 per cent more in total fees and taxes to the Government in 2018 than the previous year,” the company said via news release.

During the year, the lottery company adopted accounting standards IFRS 9 and 15, which resulted in additional disclosures and changes in how credit provisions, revenues and financial instruments are accounted for by SVL.

The newly adopted standards means that SVL's increased ticket sales for the year coupled with a 5.64 per cent operating expense efficiency ratio, was reflected in total comprehensive income of the company, which increased 50.3 per cent to allow the gaming group to surpass the $2 billion mark for the first time in its history.

Ticket sales for the financial year 2018 amounted to $62 billion, a 12.3 per cent increase compared to 2017.

“We focused on driving our key revenue drivers and investing in the build out of the Group's infrastructure, while also successfully implementing cost savings initiatives,” President and CEO of Supreme Ventures, Ann-Dawn Young Sang said.

“Our financial performance in 2018 reflects our drive, focus and execution of core strategic initiatives such as our expansion into the mobile gaming arena, innovative promotions for our products and the kick-off of our regional expansion plans with our first regional outlet in Guyana under the iBet Supreme brand,” she continued.

At the end of 2018, the Group contributed well over $43 billion to various other stakeholders including prizes paid to customers, retailers, etc.; all together providing significant contributions to the country's economy, the company said.


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