Secure Electronics recorded 18% profit growth for Q1 2017

Secure Electronics recorded 18% profit growth for Q1 2017

Secure Electronics, a gaming and gambling services provider said has released its unaudited result for the first quarter showing its net profit declined by 7% year on year.

The company reported NGN1.7 billion gross sales against NGN1.9 billion reported in the financial year 2016. Its net lottery income was NGN75.6 million against NGN81.6 million recorded in 2016.

The company recorded NGN24.9 million operating profit in 2017 for the period compared to NGN21.5 million recorded in the fiscal year 2016.

Secure electronics recorded NGN24.8 million profit before taxation in contrast to NGN21.0 million recorded in the year before. It also recorded that it did not have any tax expense for the period ,leaving its profit for the period at NGN24.8 million against NGN21.0 million recorded in 2016, which represents 18% increase year on year comparison.

Secure electronics technology recorded NGN6.5 billion total assets against NGN6.3 billion recorded in first quarter 2016. kits total liabilities for the period was NGN 718.1 million versus NGN662.2 million recorded in 2016.

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