Secure Electronic’s 9-month loss increases after first slowdown in 2years
Secure Electronic Technology also known as SET Plc, a real-time online gaming platform in Nigeria, has reported its first increase in its nine-month losses in the third quarter ended September 30, 2021.
This is coming after the company saw a first slowdown in its losses in two years in the ninth month of 2020.
The company which holds Nigeria’s first National Lottery Licence backed by Statute recorded a loss of N17.8 million in the nine-month financial report of 2021, N1 million higher than the loss of N16.8 million reported in the corresponding period of 2020.
The company reported an increase in its losses in the review period largely despite the reduction in the amount spent on financial charges, Prizes/Winnings and Dealers commission as gathered from the company’s 2021 unaudited results for the period ended September 30th, 2021.
With an exclusive 30-year license granted by the Federal Government to operate the National Lottery in Nigeria, Secure Electronic Technology reported a surge in its losses due to an increase in the company’s administrative expenses in the period under review.
SET Plc’s total revenue was down by 1.17 percent to N3 trillion in September 2021 from N3.1 trillion recorded in the same period recorded in September 2020.
A breakdown of the unaudited financial results showed that SET’s total assets declined by N46.9 trillion from N3.55trillion to N3.500 trillion, while its liabilities also reduced by N13.9 million from N784.8 million in the same period of 2020 to 770.9 million in 2021.
In line with the approval of the shareholders of the Company at its Annual General Meeting held on 29 July 2020 and the receipt by the Company of a new certificate of incorporation from the Corporate Affairs Commission (CAC), Secure Electronic Technology changed its name from National Sports Lottery
Incorporated in 2001, Secure Electronic Technology Plc operation and other industry players are governed by the National Lotteries Act 2005.
SET Plc is a technology-focused organisation, with its core competence in the provision of infrastructure and technical know-how in the following: Lottery and Gaming, Trivia Promo syndication, Provision of a central database for data and information processing. We are the foremost real-time online gaming platform in Nigeria, holder of the first National Lottery Licence backed by Statute.