Southern lottery firms post double-digit profit growth

Ho Chi Minh City Lottery posted the biggest profit in the region at VND920 billion, up nearly 28% year-on-year.

Its revenues hit VND4.71 trillion, or 50% of the year’s target.

An Giang Lottery, meanwhile, saw its profit surge 42% to VND441 billion on revenues of VND2.24 trillion.

The boom in profits allowed the company to pay board members an average salary of VND70 million a month in the first half of the year.

Tien Giang Lottery and Ben Tre Lottery also posted significant growth. The former saw profits rise 8.2% to VND355 billion, while that of the latter rose 20% to VND384 billion.

These companies reported that the surge in demand for lottery tickets compared to the same period last year was the main factor behind rising profits.

HCMC Lottery said that it has received permission from the Ministry of Finance to increase its lottery issuance value in each season from VND100 billion to VND110 billion, which helped expand its operations.

Most of the southern lottery firms have targeted double-digit in growth in profits this year.