According to the 2024 financial report of Ho Chi Minh City Lottery One-Member Co. Ltd., net revenue reached VND 11,106 billion, a 7.85% increase from 2023. Net profit from business operations amounted to VND 1,926 billion, a 15% surge.
Notably, other income witnessed a remarkable surge from VND 19.1 billion to VND 304.5 billion, equivalent to a 1,487% increase, becoming the primary driver for the VND 302.9 billion in profit from other activities, compared to a loss of VND 11.3 billion in the previous year.
The reason for such a significant increase in other income for Ho Chi Minh City Lottery is the reversal of risk provision for prize payouts, totaling nearly VND 255 billion.
This risk provision for prize payouts is established according to Decree 122/2017/ND-CP by the government, which stipulates specific financial management mechanisms and performance evaluation for lottery businesses.
The risk provision for prize payouts is calculated by multiplying the total taxable revenue of each lottery type by the planned payout ratio for the financial year, minus the actual payout value to winning customers of each lottery type in the year of establishment.
For lottery companies operating in Southern Vietnam, the accrual rate must ensure that the total balance of the prize payout risk provision fund does not exceed 3% of the total taxable revenue of all lottery types allowed to be established at the time of establishment.
Lottery businesses use the prize payout risk provision fund to pay out prizes when the actual payout ratio in the period is higher than the planned payout ratio.
If the prize payout risk provision fund is insufficient, the remaining actual payout will be recognized as a business expense.
If there is any unused balance in the prize payout risk provision fund, it will be carried forward to the next period.
If the lottery business’s prize payout risk provision fund balance exceeds the limit, the excess amount must be reversed and recognized as other income.
The reversal in 2024 indicates that Ho Chi Minh City Lottery’s actual payout ratio was lower than planned, resulting in a prize payout risk provision fund balance that exceeded the limit.
Ultimately, the company achieved a total pre-tax profit of over VND 2,229 billion, with after-tax profit surpassing VND 1,780 billion, a 34% increase from 2023. This marks the first time in history that Ho Chi Minh City Lottery’s pre-tax profit has crossed the VND 2,000 billion threshold.
The company’s total assets amounted to nearly VND 3,324 billion, with liabilities surpassing VND 2,027 billion. A significant portion of the asset structure comprises cash and bank deposits.
Ho Chi Minh City Lottery has maintained its leading position and dominance in Southern Vietnam for the past 12 years.
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