Supreme Ventures Limited Celebrates a Record Year Amidst Challenging Economic Climate
In a year fraught with economic challenges, Jamaica's leading gaming and entertainment company, Supreme Ventures Limited (SVL), recorded an all-time high net profit of over $3 billion for 2022, making it a momentous year in its 21-year tenure.
Jamaica's economic landscape showed signs of recovery, but the clouds of high inflation still loomed. Yet, the resilience of SVL emerged unscathed, thanks to strategic alliances, an unwavering team, a vast retailer network, and a strong commitment to innovation.
Gary Peart, the Executive Chairman, lavished praise on the entire organization, highlighting the commendable spirit the team exhibited in navigating the challenges presented by the global pandemic. He reflected, “Our vision was our only limitation. We chose to envision the potential of the future, rather than the constraints of the present. This mindset paved the way for creating invaluable opportunities for our clientele, retailers, and our organization.”
SVL's lottery segment, which stands at the heart of its operations, witnessed a remarkable surge. With an 18.5% growth, translating to an increase in revenues by J$11.8 billion, the segment's standout performers were the Supreme Scratchaz instant win scratch cards and the newly introduced Monsta Ball feature. The year also saw SVL broaden its horizons with significant acquisitions, including stakes in Supreme Route Limited and McKayla Financial Services Limited.
Another feather in SVL's cap was Caymanas Park's unprecedented profit, under the expert guidance of the SVL subsidiary, Supreme Ventures Racing and Entertainment Limited (SVREL). Peart accentuated this achievement, “Caymanas Park's transformation from being perceived as an operational liability to a significant profit driver is nothing short of remarkable.” This turnaround owes its success to a slew of initiatives, ranging from exporting local horseracing products to North America, to infrastructural investments and hosting elite race days.
In its commitment to Jamaica's economic wellbeing, SVL made a significant contribution to the national treasury. In 2022 alone, the company deposited approximately $10.4 billion in government fees and taxes. A figure that towers, being 3.4 times the group's post-tax profit.
The curtains on the Annual General Meeting came down to the sound of applause, with shareholders exuding confidence in SVL's strategic roadmap. An affirmation of this sentiment was the stock's closing price on the Jamaica Stock Exchange at J$29.93, soaring by 61.78% from the previous year.
The future holds promise for SVL, with plans to venture into new territories, like their partnership with Ghana's Game Park, alongside a series of innovations in gaming, fintech products, and community engagement through the Supreme Ventures Foundation (SVF). These strategic moves will undoubtedly further cement SVL's position not just in Jamaica but across the region in the gaming and entertainment sphere.