Development Lotteries Board (DLB) is reaching new heights in turn over and profits during the end of the third quarter of the current financial year.
The DLB recorded successful financial achievements with a turnover of Rs. 12.9 billion during the third quarter this year compared to the revenue of Rs 12.3 billion, a growth of 5 percent during the same period last year.
If the daily sales continues unabated and everything goes well according to marketing plan , the Development lotteries board will be able to surpass this year’s revenue target of Rs17.6 billion with ease , Chairman of the DLB S A P Sooriyapperuma told the Business Times.
The board has initiated an investment advisory service for jack pot lottery winners becoming millionaires and digital transformation of the DLB lottery to drive growth though increasing sales and attract more Sri Lankans including more youths in this sphere.
The Board posted a profit after tax amounting to Rs 1.9 billion and profit before tax of Rs 2.97 billion in the third quarter this year compared to Rs.1.7 billion and Rs.1.9 billion profits before and after tax respectively during the same period of 2018, he disclosed.
This was 16 percent increase in profits compared to statistics of 2018; he said adding that DLB has been able to achieve the third quarter revenue target of Rs12.9 billion despite the 80 percent drop in sales in the aftermath of Easter terror.
Mr. Sooriyapperuma noted that DLB has been able to achieve 105 percent growth in sales within three months after the set back due to the dedication of the sales team.
It has contributed Rs.1.9 billion, the total profit to the President’s Fund in accordance with statutory requirements; he revealed adding that the board has distributed Rs 6.3 billion among the lottery winners during the third quarter of 2019.
In addition to the direct contribution to the President’s Fund, the DLB is significant contributor to the government’s tax revenue. The Board has paid Rs. 760 million as taxes (VAT, NBT) to the government for the period ended September 2019, he added.
With ten lotteries and the oldest instant lottery of Sri Lanka the Development instant scratch lottery ticket, DLB is maintaining 47 percent market share increasing business volumes.
These lotteries are creating many multi millionaires; he said pointing out in fact, during the period under review, they have produced 37 super jack pot winners distributing a sum of Rs.712 million among them.
He disclosed that the Kapruka Lottery has been able to award the biggest jackpot recently in the history of Sri Lankan lotteries.
The Kapruka Lottery starts with an initial jackpot of Rs. 7.5 million and a Ratnapura reisdent has won the final jackpot of over Rs. 145, million in the 513 th draw of 27.10.2019.
The main aim of the DLB is recognized as the foremost lottery issuing organization in the country that works towards developing and enriching the Sri Lankan economy.
(LI)