Adedapo Adesanya
By Adedapo Adesanya
Secure Electronic Technology Plc recently released its unaudited financial statement for the half year ended June 30th 2019 and an analysis showed that gross income as the end of June 30, 2019 was N2.11billion, indicating a drop from last June’s N2.16 billion, while the total prizes/winnings paid out by the company was N1.25 billion at the end of this half year against N1.26 billion in H1 2018.
The company’s activities cover lottery, airtime vending, revenue collecting, card payments, and treasury assets management and its operations approved by the Corporate Affairs Commission (CAC).
The total asset of the company as at June 30, 2019 was N6.4 billion. Indicating a year-on-year decline from what it stood at as at June 30, 2018, which was N6.5 billion while the total liabilities increased to N770 million from N716 million.
For the company’s properties, plants, and equipment, the analysis showed that the non-current assets cost a total of N5.027bn from 5.115bn last June, while Trade Receivables and Pre-payments was at 370.3 million in the period under review from 402.4 million in June 2018.
Dealers commission included in dealers and marketing cost was at N774.4 million compared to June 2018 at N781.6 million. All these brought about a comparative decline in the net income from N124. 8 million in H1 2018 to N88.9 million in H1 2019.
Total Administrative expenses as at June 2019 was N128.4 million while that of 2018 was N143.6 million by comparison. According to the company’s financial statements, salaries and wages increased to N40.937 million from N40.909 million, while staff welfare and corporate social responsibility (CSR) gulped N2.06 million against N1.85 million recorded in June 2018.
The company was however able to reduce its general expenses by N1.44 million to N2.2 million from the previous June’s N3.7 million.
This year’s H1 operating loss stood at N39.56 million, lesser than that of the corresponding period of 2018, which stood at N18.8 million.
Likewise, the company’s loss before and after tax in the period under review ballooned to N39.8 million from N19.3 million in June 2018.
The company’s financial statement noted that the company did not guarantee loans in favour of any of its directors or officers of the company.
