A player receives a prize from Vietlott - Photo: Vietlott
Vietlott's 2024 semi-annual financial report shows revenue for the first six months of the year reaching VND 3,250 billion, a 33% increase compared to the same period in 2023.
Cost of goods sold in the period also increased by more than 32%, reaching VND2,704 billion. In the cost of goods sold structure, the largest expense is bonus payment with VND2,248 billion, a sharp increase compared to nearly VND1,700 billion in the same period last year.
With sales and cost of goods sold increasing at a similar rate, Vietlott's gross profit in the first half of this year improved significantly, reaching VND 545.5 billion, an increase of nearly 37%.
In terms of cost structure, the company's business management expenses have been reduced by nearly 4 billion VND, down to approximately 35.8 billion VND.
On the contrary, the selling expenses increased sharply (nearly 33%), up to 331 billion VND. Of this type of expense, the "heaviest" is still the commission for agents with 329 billion VND, an increase of about 82 billion VND compared to the same period last year.
The increased commission costs for agents can be explained by the fact that higher ticket sales mean the company has to pay a larger amount in this regard.
As a result, Vietlott reported a pre-tax profit of nearly 212 billion VND for the first half of the year, and an after-tax profit of nearly 170 billion VND, an increase of 16% compared to the same six-month period last year.
This is also the highest profit level in the past six years for the half-year period (excluding the first six months of 2018 when the profit surged to 262 billion VND).
Vietlott's financial report also states that the company has no outstanding bank loans.
On the contrary, at the end of June 2023, Vietlott still had 1,380 billion VND in bank deposits with different terms, an increase of more than 250 billion VND compared to the beginning of the year. This deposit brought in nearly 27 billion VND in interest for the business.
Bank deposits also accounted for 92% of Vietlott's total assets at the end of June. The company's equity reached more than VND609 billion, of which owner's equity was VND500 billion, and undistributed profit after tax was nearly VND110 billion.
This year, Vietlott aims to achieve 6,800 billion VND in revenue from issuing taxable computerized lottery tickets and 267.4 billion VND in pre-tax profit.
Thus, having only completed half of its planned profit target, this computerized lottery company has already achieved 79% of its assigned profit goal.
Vietlott wants to expand into new areas.
In the report on the general goals set for 2024, Vietlott said it will continue to deploy computerized lottery business in 63 provinces/cities.
At the same time, the company said it will research and develop plans and proposals to submit to the Ministry of Finance to expand into new areas. However, the company has not yet revealed what the new areas are.
Vietlott was launched nearly 10 years ago. When this type of lottery appeared, some traditional lottery companies were worried about fierce competition. The prize level at Vietlott is very large, up to 314 billion VND.
However, in reality, it can be seen that lottery companies, especially in the Southern region, have had very good ticket sales in the past few years. Last year, a series of lottery companies in the Southern region reported record profits.
In the first six months of this year, many units maintained their performance with comparable revenue, while some even set new records.
Although there are no big prizes worth hundreds of billions of dong, traditional lottery companies still attract players because of the many prizes and many chances of winning. The actual prize money paid by lottery companies is also not small.
Source: https://tuoitre.vn/vietlott-bao-lai-dam-co-gan-1-400-ti-gui-ngan-hang-muon-mo-rong-sang-linh-vuc-moi-20240816163219927.htm
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