Secure Electronic records 17% rise in profit for 2016

William Hill

Secure Electronic technology plc in its financial report recorded  NGN7.4 billion gross profit against NGN7.6 billion recorded in the financial year 2015.

The company’s rose to NGN334.9 million net income against NGN316.5 million recorded in the year before with an operating profit of NGN63.5 million against NGN56.8 million recorded in fiscal year 2015.

Secure Electronic recorded NGN62.4 million as profit before tax in the year in review in contrast to NGN56.1 million recorded in the year 2015.

After settling its tax for the year, its profit for the year increased by 17% to NGN100.7 million against NGN86.0 million recorded in the previous year.

Secure Electronic technology plc acquired NGN6.4 billion assets in the year 2016 compared to NGN6.3 billion recorded in the year 2015. its total liabilities was NGN739.3 million compared to NGN660.7 million recorded in the year 2015.

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Company Profile

National Sport Lottery Limited was incorporated on the 3rd January, 2000 but commenced operations in July 2001. On the 9th July 2007, the name National Sport Lottery Limited was by special resolution converted to a public company, National Sports Lottery Plc. The company was granted an exclusive license to practice lottery business in Nigeria for Fifteen (15) years in December 2001.

The company listed its entire share capital on the Nigerian Stock Exchange on 14th December, 2008. On the 2nd December, 2009 the Board of Directors through Special Resolution changed the name of the company from National Sports Lottery Plc to SECURE ELECTRONIC TECHNOLOGY PLC and this was approved by Corporate Affairs Commission (CAC) on 6th January, 2010. The activities of the company have been the operations of lottery, Airtime Vending, Revenue Collection, Card Payments and Treasury/Assets Management.