AGTech revenue up 36.6% between January and September 2021
AGTech Holdings has reported a 36.6 per cent growth in revenue between January and September 2021 amid a rebound in the Chinese lottery market.
Hong Kong.- The lottery service provider AGTech has reported that revenue for the nine months to September reached HK$144.9m, up from HK$106.1m in the same period last year. It reported an operating loss of approximately HK$46.3m for the nine-month period.
According to data from the Ministry of Finance, China’s lottery sales in the nine months amounted to approximately $278.5bn, up 20.7 per cent when compared to the same period in 2020. As China eased restrictions after the Covid-19 pandemic, sales through retail sales channels grew by nearly 70 per cent.
Welfare lottery sales were about $102.2bn while sports lottery achieved sales of $176.3bn, an increase of about 36.9 per cent.
AGTech also won 20 lottery tenders to supply terminals across the country. Sales of lottery hardware and services were $78.8m, up from $48.8m in the same period last year.
The company said: “Despite ongoing headwinds and uncertainties with regard to the Covid-19 situation globally, we have seen a steady recovery in the PRC market since lottery related activities resumed.”
In September, AGTech acquired the entire capital of Macau Pass Holdings Ltd for HK778m (US$100m), 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.
