Chinese lottery, games and entertainment technology company AGTech Holdings Limited has released its financial results for the first half of 2021, reporting a revenue increase of over 77% from the previous year.
Total group revenue reached HK$77.9m, representing an increase of approximately 77.6% over the corresponding period in 2020.
The significant rise in revenue is attributed to lottery hardware, provision of lottery distribution and ancillary services, non-lottery hardware in the PRC, and games and entertainment business in India.
Sales of lottery hardware increased from H1 FY2020 by approximately HK$27.3m, and this is largely due to Hong Kong and China bouncing back economically from COVID-19.
In a statement, the group said: “Such increases in revenue from lottery hardware and provision of lottery distribution and ancillary services were mainly due to the continuous rebound of the group’s lottery business from the impact of the COVID-19 pandemic since the second half of 2020 and throughout the Six-Month Period.
“In particular, the increase in revenue from the provision of lottery distribution services was due to the increase in average lottery sales volume per sales outlet and the continuous efforts of the group in expanding its network of collaborating retail sales outlets for lottery distribution.”
Despite sales in hardware and distribution increasing, sales of lottery tickets and games actually decreased in the period by HK$23.3m. AGTech said that this is largely due to “the cessation of the sales of two virtual sports lottery games supplied by the group, namely, ‘e-Ball Lottery’ and ‘Lucky Racing’”.