AGTech net revenue up 71% in Q2

AGTech Holdings has posted revenue of HK$98m (US$12.5m) for the second quarter of the year.

Hong Kong.- The lottery service provider AGTech has shared its financial results for the second quarter of the year. It’s posted consolidated net revenue of HK$57m (US$7.3m), up 71 per cent year-on-year from Q2 2021 (HK$98m).

The company posted a net loss of HK$110m (US$14m) for the quarter. It also announced its interim results for the six months ended June 30, reporting revenue of HK$133m (US$17m), also up 71 per cent year-on-year.

Of that, Macau contributed 38 per cent (US$32m) and mainland China 62 per cent (US$82m). E-Wallets contributed 6 per cent at HK$8m (US$1m), electronic payment systems 16 per cent at HK$22m (US$3m), and other payment platforms 15 per cent at HK$20m (US$2.5m).

Non-Lottery Hardware sales module contributed 2 per cent at HK$2.3m (US$0.3m); Games, Marketing and Technology segment 1 per cent at HK$1.5m (US$0.2m). Income from lease of hardware contributed 1.5 per cent at HK$2.13m (US$0.3m).

AGTech stated: “For the six-month period, revenue contributions were mainly derived from lottery hardware sales, provision of lottery distribution and ancillary services in the mainland China and provision of electronic payment services in Macau.”

Last September, AGTech Holdings acquired Macau Pass Holdings Ltd, the company which owns 99 per cent of Macau Pass, for HK778m (US$100m). Macau Pass is a company that provides services that enable retailers and other merchants to accept different payment methods. It receives a commission income for processing the payment.