The Bigger Lottery Company Outshines Vietlott with a Whopping $33 Million Profit

Ho Chi Minh City Lottery Company Limited reports business results for the first half of 2024.

Accordingly, the company’s revenue from sales and services reached over VND 6,339 billion, up 4% compared to the same period last year. Pre-tax profit exceeded VND 983 billion, a nearly 18% increase year-on-year.

The surge in pre-tax profit can be attributed to a significant rise in other income, which amounted to more than VND 825 billion. In the same period last year, other income was negative, at over VND 28 billion. Additionally, the increase in sales revenue and a decrease in printing costs also contributed to the rise in pre-tax profit.

The company’s post-tax profit for the first six months stood at over VND 786 billion, a nearly 19% increase compared to the same period last year. This marks a record-high post-tax profit for the Ho Chi Minh City Lottery.

With these business results, the company has achieved 47% of its set plan for revenue (VND 13,683 billion) and nearly 59% of its set plan for pre-tax profit (VND 1,687 billion).

Ho Chi Minh City Lottery’s annual revenue is usually double that of Vietlott, the Vietnam Computerized Lottery Company.

In 2023, Ho Chi Minh City Lottery recorded revenue of nearly VND 13,500 billion, a 41% increase compared to 2022. The company’s daily ticket sales reached VND 37 billion, with a profit of over VND 4.5 billion. In contrast, Vietlott’s revenue for the same year was just over VND 6,300 billion.

According to the Southern Lottery Council, traditional lottery sales in the region reached VND 70,400 billion in the first six months of 2024, a 0.69% increase year-on-year. Traditional lottery revenue amounted to VND 69,557 billion, a 1.04% increase.

The average ticket consumption rate in the Southern region was 98.8%, a 0.34% increase. Out of the 21 lottery companies, 19 achieved a ticket consumption rate of 99% to 100%. Pre-tax profit reached VND 9,095 billion, a 3.54% increase, and accounted for 55.13% of the 2024 plan. Prize payout expenses amounted to VND 33,859 billion, or 48.68% of sales revenue.

In the first half of 2024, the member lottery companies of the Southern Lottery Council contributed VND 26,155 billion to the state budget, an 18.72% increase, and achieved 63.5% of the 2024 plan.