Ho Chi Minh City Lottery Company reports record year-on-year profits in H1

Ho Chi Minh City Lottery Company post record H1 profits
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The Ho Chi Minh City Lottery Company (HCMC Lottery) has revealed its profits for the first half of 2022 have increased by 27% year-on-year, a record for the organisation.

As reported by the VNExpress, after deducting expenses, the HCMC Lottery Company earned profits of VND 736bn (over $31.46m) between January 1 and June 30 of this year.

According to HCMC Lottery, its H1 sales of VND 5.46tn ($233.42m) are nearly 54% of the year’s target.

For the whole year, the organisation has forecasted revenues of VND 10.15tn ($433.93m) and pre-tax profits of VND 1.17tn ($50.02m). Its payment to the state budget is estimated at VND 3.04tn ($129.96m).

Sales are twice as high as they were in the first half of the year 10 years ago, while profits have increased three-fold.

This positive report comes after news earlier this year that Vietnamese lotteries were suffering ‘significant’ hits to their profits in 2021 amid the continued effects of the COVID-19 pandemic.

Meanwhile, the lottery also stated its main source of revenue was the sale of traditional lottery tickets and scratch-off tickets, with the rest from office leasing and printing.

The scratch-off lottery, in operation since the end of 2018, accounts for 4-5% of HCMC Lottery’s annual revenue.

More than VND 2.8tn was paid out to lottery winners over the six-month period, and demand for tickets in the southern region has ‘grown continuously’.

Furthermore, the Ministry of Finance has increased the number of tickets available by 10% to cover a larger area and expand its agent network.