Vietnam’s state-run lottery company Vietlott reports highest H1 profit in 6 years
Vietnam’s state-run lottery company Vietlott reports highest H1 profit in 6 years
Vietnam's state-run lottery company Vietlott reported its pre-tax profit at nearly VND212 billion (US$8.5 million) in the first half of this year, the highest for the period over the past six years.
A winner receives a Vietlott jackpot prize. Photo: Vietlott |
The company raked in VND3.25 trillion ($129.7 million) in revenue in the six-month period, surging 33 percent year on year and being its highest-ever H1 revenue, according to Vietlott’s financial report.
Its after-tax profit reached nearly VND170 billion ($6.8 million), up 16 percent over the same period last year.
It spent over VND2.2 trillion ($87.8 million) paying winners, soaring against the VND1.7 trillion ($67.9 million) in the first half of 2023.
The company's management costs totaled nearly VND35.8 billion ($1.4 million), falling some VND4 billion ($159,648) over the first six months in 2023.
Meanwhile, commissions for agents hit VND329 billion ($13.1 million), up VND82 billion ($3.3 million) over the year-ago period due to higher sales.
The financial report also revealed that Vietlott borrowed no loans from banks.
As of June 2023, Vietlott had VND1.38 trillion ($55 million) worth of deposits at banks, up VND250 billion ($10 million) from that at the beginning of the year.
The deposits accounted for up to 92 percent of Vietlott’s assets.
Vietlott set a target to fetch VND6.8 trillion ($271.4 million) in revenue from computerized lottery and VND267.4 billion ($10.7 million) in pre-tax profits this year.
Thus, the lottery company has fulfilled 79 percent of its full-year profit goal.
As for plans for the rest of the year, Vietlott said it would venture into new sectors but stopped short of revealing them.
