November 11, 2025
Supreme Ventures Limited (SVL)
Unaudited financials for the nine months ended September 30, 2025
Supreme Ventures Limited (SVL), for the nine months ended September 30, 2025, reported a 7% YoY increase in Total Gaming Income to $41.78 billion, up from $39.11 billion in the corresponding period of 2024. The Company’s continued emphasis on digital transformation and product diversification drove solid revenue growth across both its non-fixed-odds and fixed-odds wagering segments.
Revenue Performance
Revenue from non-fixed odds wagering games, horse racing, and pin codes rose 5% YoY to $25.58 billion (2024: $24.28 billion), supported by consistent demand across core lottery games and expanding participation in horse racing.
Income from fixed odds wagering games, net of prizes, increased 9% YoY to $16.20 billion (2024: $14.83 billion), reflecting higher sports betting activity and improved margin management through technology-driven risk control. As a result, Total Gaming Income climbed 7% YoY year-over-year to $41.78 billion (2024: $39.11 billion).
Expense and Profitability Analysis
Direct Expenses increased 7% YoY to $32.26 billion (2024: $30.21 billion), mainly attributable to higher gaming taxes, commission payouts, and technology platform costs associated with increased activity.
Gross Profit for the period grew 7% YoY to $9.52 billion (2024: $8.90 billion), highlighting the company’s ability to maintain cost discipline despite higher operational inputs.
Selling, general, and administrative expenses (SG&A) increased 4% YoY to $6.64 billion (2024: $6.42 billion), driven primarily by marketing investments and strategic digital initiatives. For the third quarter alone, SG&A decreased 9% YoY year-over-year to $2.19 billion, demonstrating enhanced efficiency and cost containment efforts.
Other Income declined significantly to a loss of $39.37 million (2024: gain of $359.88 million), reflecting the non-recurrence of prior-year one-off income streams and accounting adjustments. Consequently, Operating Profit remained relatively flat at $3.04 billion (2024: $3.05 billion).
Finance Costs increased 8% YoY to $652.79 million (2024: $604.58 million) due to higher interest rates and the expansion of working capital facilities. Profit Before Taxation recorded a slight 2% YoY decline to $2.39 billion (2024: $2.45 billion), reflecting increased finance costs and reduced other Income.
However, Taxation decreased 26% YoY to $554.91 million (2024: $746.69 million), attributable to effective tax planning and timing differences on deductible expenses. As a result, Profit Attributable to Shareholders rose 9% YoY to $1.85 billion (2024: $1.70 billion).
Earnings Per Share (EPS) for the nine months amounted to $0.70 (2024: $0.64), while the Trailing Twelve-Month (TTM) EPS stood at $0.74, signalling a steady upward earnings trajectory. The company’s P/E ratio was 23.80x, based on the last traded stock price of $17.59 as of November 4, 2025.
Quarterly Highlights
For the quarter ended September 30, 2025, SVL delivered a strong performance with Operating Profit increasing 33% YoY to $978.23 million (2024: $736.70 million) and Profit Before Taxation rising 40% YoY to $754.95 million (2024: $539.56 million). Profit Attributable to Shareholders surged 55% YoY to $555.05 million (2024: $373.28 million), underscoring the company’s robust operational momentum. Quarterly EPS improved to $0.22 (2024: $0.14).
Balance Sheet Highlights
SVL’s Total Assets increased marginally by 1% YoY to $21.96 billion (2024: $21.82 billion), driven by a 13% YoY in Investment Properties ending the quarter at $1.06 billion (2024: $942.00 million), a 123% YoY increase in Loans and advances, net of provision for credit losses ending the quarter at $529.88 million (2024: $237.79 million), a 8% YoY increase in Trade and other receivables ending the quarter at $4.56 billion (2024: $4.24 billion) and a 19% YoY increase in Current portion of loans and advances ending the quarter at $1.73 billion (2024: $1.45 billion) reflecting continued reinvestment in core operational infrastructure and service offerings.
Shareholders’ Equity expanded 15% YoY to $5.19 billion (2024: $4.51 billion), driving an improvement in Book Value per Share to $1.97 (2024: $1.71). The company’s solid capital base provides a strong foundation for future growth, dividend sustainability, and strategic regional expansion.
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