Supreme Ventures Ltd (SVL), a leading gaming and financial services group based in Jamaica, announced on Tuesday that it has successfully restored 60% of its lottery terminals following the disruption caused by Hurricane Melissa last week. The hurricane forced an unprecedented suspension of its flagship Cash Pot draws, resulting in a significant decline in sales. Executive Chairman Gary Peart revealed in an interview with the Jamaica Observer that operations were halted for two days due to the storm’s impact, with sales still down nearly 50% compared to pre-hurricane levels. Despite the challenges, Peart expressed optimism about the company’s recovery, noting that terminals in severely affected areas like St Elizabeth are being reactivated at an impressive pace. The rapid restoration is crucial for SVL, which generates approximately $150 million daily in gaming revenue. The hurricane also tested SVL’s financial resilience, but the company’s recent $5-billion bond issuance has bolstered its ability to weather the crisis. Peart emphasized SVL’s ongoing strategic pivot from gaming to technology, highlighting the success of its fintech ventures, including Evolve microfinance, ChargeUp phone credit, and remittance services. For the nine months ending September 30, SVL reported a net profit of $1.84 billion, surpassing its full-year 2024 target. Peart attributed this success to cost containment, revenue growth, and strategic diversification. Looking ahead, SVL is eyeing international expansion, particularly in Ghana, where it already operates, and is actively pursuing lottery licenses worldwide. Peart remains confident about the company’s future, anticipating significant revenue growth by 2026 as its digital fintech products gain regulatory approval and scale. SVL’s commitment to shareholders is evident in its latest interim dividend payout of 18.94 cents per share, totaling $499.55 million, representing 92% of its third-quarter net profit.
