Secure Electronics posts 6% rise in profit for nine months

William Hill

Secure Electronics, a gaming and gambling services provider is reporting 6% rise in profit to NGN42.3 million for nine months in the year 2017 compared to NGN39.6 million recorded in the same period in the financial year 2016.

The company recorded lower gross sales of NGN4.9 billion for the period in review in contrast to NGN5.6 billion recorded in the previous year while net lottery income increased to NGN227.6 million from NGN220.7 million posted in the year 2016.

Administrative expenses for the period rose to NGN184.1 million against NGN180.2 million in the year before while operating profit also increased to NGN42.6 million in contrast to NGN40.5 million in the fiscal year 2016.

Secure Electronics said its total assets for the nine months was NGN6.5 billion compared to NGN6.3 billion posted in the year 2016 while total liabilities was NGN728.0 million versus NGN669.3 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.