Lottotech Limited Reports Surge in Revenue for the Nine Months Ended September 2023 due to Increased Loto and Loto Vert Ticket Sales

Published On: November 14, 2023Company: Lottotech Limited (LOTTO.mu)
What is the primary reason for Lottotech's increase in revenue for the period ending September 2023?
The primary reason for the increase in revenue is due to higher Loto and Loto Vert ticket sales.

Summary

  • Lottotech Ltd operates the Mauritius National Lottery and its main activities are related to the gaming sector.
  • Revenue for the nine months ended 30 September 2023 was MUR1,120m, compared to MUR1,064m during the prior corresponding period. This surge was primarily due to higher Loto and Loto Vert ticket sales.
  • The Profit after tax for the period was MUR115.8m, an increase from MUR111.4m for the prior comparable period.
  • Loto Vert sales experienced a substantial revenue boost with a 26% year-on-year increase for the nine months ending 30 September 2023.
  • Net cash generated from operating activities was MUR52.9m, a significant decrease from MUR253.3m during the previous equivalent period, mainly due to working capital changes and payments made to consolidated funds and corporation tax.
  • The Company used MUR227m in financing activities, mainly due to total dividend payments of MUR170m.
  • A Loto enhancement game by the name of Loto Plus was successfully launched in October 2023 to optimize the company’s cost structure and create more value for stakeholders.
  • The earnings per share is calculated based on profit attributable to shareholders (MUR115.8m in 2023 and MUR111.4m in 2022) and the number of shares issued 340,000,000.
  • The final dividend declared for the financial year ended 31 December 2022 was MUR102m, paid in May 2023, and the interim dividend declared for the financial year ended 31 December 2023 was MUR68m, paid in September 2023.
  • The interim report complies with IAS 34 and the statements used for its preparation are consistent with the audited consolidated financial statements for the previous year.

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About Lottotech Limited (LOTTO.mu)

Lottotech Limited is a company headquartered in Ebène Mauritius that manages the Mauritian National Lottery for the Mauritian government. The company distributes its product through a broad network of retailers. Lottotech Limited is listed on the Stock Exchange of Mauritius

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

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