June 3, 2023 -Supreme Ventures Limited (SVL), the undeniable frontrunner in Jamaica’s gaming and entertainment industry, proudly presented its results for the year 2022, at its recent annual general meeting marking yet another successful chapter in the Company’s journey.
Against the backdrop of Jamaica’s macro-economic environment, which even though it showed positive signs of recovery was still hampered by high inflation, SVL realized net profit of over $3Billion, the highest in its 21-year history. The Company’s success is attributed to strategic partnerships, a dedicated team, strong retailer network and its commitment to innovation and diversification.
Gary Peart, Executive Chairman of Supreme Ventures Limited, expressed his pride in the Company’s exceptional performance over the past year, commending the team’s incredible resilience in steering through the global pandemic’s challenges and emerging stronger than ever.
“I am proud to report another year of solid performance for Supreme Ventures Limited Group. Our strategic initiatives, coupled with the dedication and hard work of our team, have contributed to our continued growth and success. The possibilities for growth and innovation were bounded only by our vision, and we adopted an approach of limitless vision. By focusing on what could be rather than what already is, we have been able to create new opportunities for our customers, retailers and ourselves,” Peart said.
The lottery segment, SVL’s core operation, experienced robust growth, with revenues increasing by J$11.8 billion (18.5%). The lottery segment, bolstered by the launch of the game-changing instant win scratch cards, Supreme Scratchaz, and the introduction of the Monsta Ball feature to Cash Pot and Money Time, achieved a remarkable segment result of $5.1 billion. The Company also made significant acquisitions, including an additional 29% stake in Supreme Route Limited and a 5% stake in McKayla Financial Services Limited.
These acquisitions reinforce SVL’s dedication to expanding its market share and strengthening its position in the industry.
Another highlight of the Company’s performance was Caymanas Park, which, under the stewardship of SVL subsidiary Supreme Ventures Racing and Entertainment Limited (SVREL), realized a profit for the first time.
Peart emphasized the noteworthy turnaround in profitability, stating, “Caymanas Park, once considered a burden on our operations, has now emerged as a driving force for profitability within the group. This sector has witnessed one of the most remarkable turnarounds in corporate profit history.” He added that “the efforts made to raise the standard of the horseracing product, including the export of the local horseracing product to North America, investments in key infrastructure like the well and digital tote board, and the staging of marquee race days such as the Mouttet Mile Invitational, have contributed to its remarkable success.”
SVL’s performance also means that the Company continues to be a key contributor the economic prosperity of Jamaica through its significant input to the Government’s coffers. In 2022, SVL paid approximately $10.4 billion in fees and taxes to the Government, a substantial sum, which exceeds 3.4 times the group’s profit after tax.
As the meeting concluded, SVL’s shareholders expressed satisfaction with the Company’s performance and strategic direction. The stock price reflected investor confidence, closing the year at J$29.93 on the Jamaica Stock Exchange, representing a remarkable 61.78% increase over the previous year.
Looking ahead, SVL is filled with optimism as it explores new markets such as its agreement with Ghanaian operator Game Park, develops new promotions and innovations in gaming, expands its innovative fintech products, and continues its impactful community initiatives through the Supreme Ventures Foundation (SVF).
With these strategic endeavors, SVL is poised to solidify its position as a market leader in the dynamic gaming and entertainment industry, not only locally but regionally.