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HCMC lottery firm reports record H1 profits

By Phuong Dong   August 7, 2022 | 05:00 am PT
HCMC lottery firm reports record H1 profits
Lottery tickets are on sale in HCMC, May 2020. Photo by VnExpress/Quynh Tran
The HCMC Lottery Company Ltd. earned profits of VND736 billion (over $31.46 million) in the first half of the year, an increase of 27% year-on-year.

The company recorded H1 revenues of VND5.46 trillion, completing nearly 54% of the year’s target, the company said in its financial statement.

The main source of income was the sale of traditional lottery tickets and scratch-off tickets; and the rest from office leasing and printing.

The company leaders said that from the beginning of the year until mid-July, the company had paid out more than VND2.8 trillion to lottery winners

After deducting all expenses, the company made a profit of VND736 billion. This was a record high in the company’s history.

The company’s revenue and profits have been increasing steadily over the last 10 years.

Current sales are twice as high as they were in the first half of the year 10 years ago, and profits have increased three-fold.

The company's management said demand for lottery tickets in the southern region has grown continuously, and the Ministry of Finance has increased the ticket volume by 10% to cover a larger area and expand its agent network.

The scratch-off lottery, which has been in operation since the end of 2018, has also been successful, covering nine provinces and accounting for 4-5% of annual revenue.

The company's total assets exceed VND2.6 trillion, while its liabilities exceed VND900 billion. Cash and bank deposits account for a sizable portion of the asset structure.

This year, the company expects revenues of VND10.15 trillion and pre-tax profits of VND1.17 trillion. Its payment to the state budget is estimated at around VND3.04 trillion.

 
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