AGTech Holdings Limited has reported a 70.2% year-on-year increase in revenue for Q1 of FY2022, aided by a boost to its lottery sales.
The Hong Kong-based lottery, games and entertainment technology company recorded revenue of HK$35.3m for the period ending March 31, attributing an increase of sales of its lottery hardware as a significant factor.
Lottery sales amounted to RMB86.3bn, an increase of 2% over the same period last year.
The Welfare Lottery saw a significant rise as it achieved RMB36.7bn in revenue, up 7.9% year-on-year, whereas figures from the Sports Lottery decreased 1.9% to RMB49.6bn.
Lottery hardware sales increased by HK$9.4m and revenue from the provision of lottery distribution and ancillary services increased by HK$4.7m.
AGTech generated revenue in Q1 from the distribution of lottery through retail sales outlets, representing an increase of 79% over the corresponding period in 2021.
According to AGTech, this growth was “mainly due to the group’s continuous effort in developing its lottery hardware business and expanding its network of collaborating with retail sales outlets for lottery distribution”.
The loss for Q1 was HK$10.8m, representing a decrease of 72% year-on-year.
Meanwhile, AGTech confirmed the acquisition of the fintechs payments company Macau Pass in March, which will likely be reflected in its Q2 report later this year.