Chinese lottery, games and entertainment technology company AGTech Holdings Limited has released its financial results for the first nine months of 2021, reporting a revenue increase of over 36% from the previous year.
Total group revenue reached HK$144.9m, representing an increase of approximately 36.6% over the corresponding period in 2020.
The Hong-Kong-based firm attributed the financial growth to lottery hardware sales and services, provision of distribution and ancillary services, non-lottery hardware sales and services in the PRC, and games and entertainment business in India.
During the first nine months of the year, the firm has won 20 new lottery contract tenders to supply China’s lotteries. It states that it has reaffirmed its position as China’s ‘leading’ lottery provider.
Throughout 2021, lottery hardware sales have totalled HK$30.0m, an increase of approximately HK$14.3m in revenue from the provision of lottery distribution and ancillary services.
AGTech also reported an increase in revenue from the games and entertainment business of approximately HK$18.0m, partially offset by the decrease in revenue of approximately HK$40.5m from the lottery games and systems business.
Though the group made a total loss of HK46.3m throughout 2021, it represents a 70.5% decrease on the loss made in the first nine months of 2020.
In a statement, AGTech said: “Such increases in revenue from lottery hardware and provision of lottery distribution and ancillary services were mainly due to the continuous rebound of lottery business from the impact of the COVID-19 pandemic since the second half of 2020 and throughout the Nine-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 AGTech in expanding its network of collaborating retail sales outlets for lottery distribution. In addition, AGTech has commenced supplying non-lottery hardware (including POS terminals) during the Nine-Month Period, further broadening its source of revenue.”