Pin code sales for Supreme Ventures Gaming pass $1.2 billion in 2024

 


Supreme Ventures Gaming Limited (SVL) on January 16 announced the appointment of Stefan Miller, as the acting CEO effective February 1, 2025. The appointment follows the resignation of Xesus Johnston, the CEO of Supreme Ventures Gaming Limited (SVGL) who resigned effective 31 January 2025.

Miller was previously Senior Vice President - Product Management and Business Development at Supreme Ventures Ltd.

The company meanwhile reports robust growth of several business lines although hurricane Beryl impacted others during 2024. Pin code sales climbed 15 per cent to $1.28 billion up to the end of third quarter September 30, 2024.

Pin codes are the 14-digit codes used in Jamaica to upload credit to mobile phones that are on a prepaid plan in Jamaica. The codes are sold to local telecommunications companies.

Despite an estimated loss of approximately $1 billion in gross ticket sales due to Hurricane Beryl, the Group recognized gaming revenues of $12.75 billion, remaining relatively flat against Q3 2023. Gross ticket sales were $25.49 billion (Q3 2023: $26.38 billion) and a payout ratio of 67.57 per cent compared to (Q3 2023: 69.85 per cent) on our core product line of Lottery.

Direct costs amounted to $10.46 billion which represents a 0.51 per cent decrease against Q3 2023. Total costs include contributions to Government agencies and related bodies of $1.92 billion.

Earnings per share was 14.29 cents for the third quarter ended September 30, 2024. The Group has proposed interim dividends of 6.96 cents for the three months ended September 30, 2024. Total assets increased from Q2 by $153 million to $21.82 billion.

The operating segments recorded results of $2.48 billion year to date, a decrease of $264.84 million or 9.65 per cent in relation to the comparative period in 2023. The 2023 segment results included the recognition of $420.68 million Super lotto jackpot surplus.

Pin Codes revenues have grown by $1.28 billion or 15 per cent over the previous year.

The Group generated positive cash flows from operations of $2.77 billion to close on September 30, 2024, with a cash and cash equivalents balance of $2.03 billion (Q3 2023: 3.05 billion).

The company indicates that it continues to put back an equivalent of 96 per cent of our earnings into the Jamaican economy via prizes, fees, taxes, and operational payments.

SVL, through its subsidiary IBET Ghana Limited, continues to provide technical services to Game Park Limited in Ghana.

Photo caption: new acting CEO at Supreme Ventures Gaming Limited.

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