Supreme Ventures rebounds from COVID-19 to post record-breaking fourth-quarter profits
However, profits for the 2020 slumped to $2.42 billion, down by $52.69 million or 2.13%Sunday, February 28, 2021
BY DURRANT PATE
Although business operations at gaming company Supreme Ventures Limited (SVL) were heavily impacted by COVID-19 over the course of 2020, the company has rebounded strongly, chalking up record-breaking profits in the last quarter.
In its just completed unaudited 2020 financial statements, SVL reported that the December quarter was a record-breaking one, which generated profits of $836.55 million and fourth quarter dividend of 28 cents. However, the company ended the year with net profit going down by 2.13 per cent to $2.42 billion for the four quarters.
This represented a decline of $52.69 million on profits for 2020. These profits were achieved from gross gaming income of $39.36 billion, representing an increase of $843.89 million or 2.19 per cent over 2019. Direct costs amounted to $30.61 billion or 0.02 per cent lower than the prior year in 2019.
Total winnings for the year to customers amounted to $52.02 billion, an increase of 2.46 per cent over prior year. Included in direct costs are contributions to government agencies and related bodies of over $8.25 billion, a record increase of 5.23 per cent or $409.86 million over 2019.
During the year, SVL acquired the assets of Champion Gaming Limited amounting to $1.5 billion and continues to leverage its fixed distribution network by investing in new complimentary businesses and product lines.
NEW FINANCIAL SERVICES TO BE OFFERED IN 2021
The gaming company has announced the offering of new financial services this year. SVL Executive Chairman Gary Peart disclosed that, “in 2021 will see the advent of new financial services and related transactional product offerings which will further benefit the retail network and the main operations.”
Commenting on the company's overall financial performance, Peart advised shareholders that, “our management team and staff have worked tirelessly throughout this most challenging year to ensure delivery of strong results and this must be commended. We treasure all our partnerships, particularly our regulators, who have demonstrated the importance of working together to achieve a common goal, that of ensuring good quality products.”
While not commenting directly on the new competition in the gaming market, the SVL executive chairman remarked that, “as we enter a new phase of gaming operations in Jamaica, the Supreme Ventures Group remains focused on leveraging our various platforms to expand, grow and create value for all stakeholders.” Peart made the point that while the onset of COVID-19 in March 2020 brought on new challenges and opportunities for the SVL Group, it has remained focused on providing its customers with easier and more access points for its products.
This focus, he argued, has led to new and innovative approaches in how SVL serve its customers and has positively impacted each interaction, noting that the gaming company has become more agile in its ability to meet customer and stakeholder requirements.
In addition, SVL has improved communications within its retail network and remains committed to working with its key stakeholders and partners to ensure the continuity of the businesses whilst supporting the communities in which its operate through the initiatives being conducted by the Supreme Ventures Foundation.
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