Secure electronics records 19% fall in profit for Q2

Sun International

Secure Electronics, a gaming and gambling services provider said in its second quarter net profit declined by 19% year on year to NGN28.2 million compared to NGN34.9 million reported same period in 2016.

The company recorded NGN3.4 billion gross sales for the period under review compared to NGN3.7 billion posted in the previous year while its net lottery income dropped to NGN153.4 million against NGN167.7 million recorded in the year before.

Operating profit was NGN28.4 million in contrast to NGN35.6 million reported in 2016 while its profit before tax stood at NGN28.2 million against NGN34.9 million posted in the fiscal year 2016.

The company’s asset increased to NGN6.5 billion compared to NGN6.3 billion recorded in the year 2016 while its total liabilities increased to NGN719.5 million versus NGN662.7 million in the year before.

Corporate profile

Secure Electronic Technology Plc (SET Plc); formerly National Sports Lottery was incorporated in 2001 with an Exclusive 30-year license granted by the Federal Government to operate the National Lottery in Nigeria. The operation of the National Lottery is governed by the National Lotteries Act 2005.

SET Plc is a technology-focused organisation, with its core competence in the provision of infrastructure and technical know–how in the following: Lottery and Gaming, Trivia Promo syndication, Provision of a central data base for data and information processing. We are the foremost real-time online gaming platform in Nigeria, holder of the first National Lottery Licence backed by Statute.

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