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SVL reports a 2% increase in year end net profit

March 01, 2018

Supreme Ventures Limited (SVL) for the year ended December 31, 2017 reported a 25% in revenues from $44.92 billion for the 2016, up to $56.19 billion in 2017. While for the fourth quarter revenues totaled $14.95 million relative to $11.87 million in 2016.SVL noted,  “2017 was a year of significant growth for Supreme Ventures.” Management further noted the, “Group has a strategic plan aimed at capitalizing on the growth and synergistic opportunities within the business. We are confident about the future viability of the Caymanas operations.”

Revenues from the company’s segments were as follows:

  • Lottery – $40.48 billion (2016: $35.18 billion), a 15% increase.
  • Sports Betting – $738.56 million (2016: $738.63 million) a 9% decline.
  • Gaming & Hospitality – $378.32 million (2016: $347.27 million) an increase of 9%.
  • Horseracing – $4.83 billion (2016: nil).
  • Pin codes – $9.86 billion (2016: $8.56 billion), a 15% increase.
  • Other losses – $103.76 million compared to a gain of $83.09 million in 2016.
  • Unallocated – $13.40 million (2016: $14.75 million).

Direct expenses recorded an increase to close the year at $50.56 billion when compared to $40.81 billion for the same period in 2016. As such, gross profit for the year improved 37% to $5.63 billion (2016: $4.11 billion). Gross profit for the fourth quarter amounted to $1.46 billion, 54% higher versus $947.34 million booked for the corresponding quarter of 2016.

Operating expenses grew by 34% for the period to $3.62 billion (2016: $2.71 billion). Despite the increase, profit from operations rose year over year to total $2.01 billion in contrast to the $1.40 billion recorded last year, a 44% increase.

Interest income grew 37% to $91 million (2016: $66.55 million), while finance costs totaled $61.49 million (2016: $323,000). SVL booked an ‘Impairment Loss on Intangible Assets’ of $318.11 million compared to nil in 2016.

A net foreign exchange gain of $628,000 was recorded for the year compared to a gain of $11.99 million booked in 2016. SVL reported $124.76 million for ‘Other gains’ during the year compared to $184.94 million in 2016. As such, Profit before Taxation amounted to $1.84 billion, up from $1.66 billion in 2016.

Taxation for the year rose 34% to close at $647.71 million in compared to $483.42 million in 2016. Net Profit after tax amounted to $1.20 billion, a 2% increase from the $1.18 billion recorded for the prior financial year. SVL booked a net loss for the quarter of $130.09 million relative to a profit of $328.76 million in 2016.

Earnings per share totaled $0.45 (2016: $0.45) for the year, while loss per share for the quarter amounted to $0.05 relative to a earning per share of $0.12 in 2016. The trailing twelve months earnings per share amounted to $0.55.The number of shares used in our calculations 2,637,254,926 units. Notably, SVL’s stock price closed the trading period on March 1, 2018 at a price of $11.89.

“Board of Directors approved an ordinary dividend distribution of $0.12 per share payable on March 23, 2018 to shareholders on record as at March 9, 2018. The Board of Directors also approved on February 26, 2018, a special dividend of $0.08 per share to be paid out of retained earnings as at December 31, 2018. This special dividend is payable on March 23, 2018 to shareholders on record as at March 9, 2018.”

Balance Sheet at a glance:

As at December 31, 2017, Supreme Ventures Limited had assets totaling $6.18 billion relative to $5.43 billion a year earlier. The increase was due mainly to a 63% and 59% increase in ‘Cash and Bank Balances’ and ‘Property, plant and equipment’. ‘Cash and Bank Balances’ and ‘Property, plant and equipment’ closed the year at $2.44 billion (2016: $1.50 billion) and $1.16 billion (2016: $732,392 billion)

Shareholders Equity amounted to $3.12 billion (2016: $3.80 billion) with a book value per share of $1.18 (2016: $1.44).

Disclaimer:

Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

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2018-03-02T01:34:17-05:00