Ho Chi Minh City Lottery Company Posts Over 1 Trillion VND Profit in First Half

Ho Chi Minh City Lottery Company (XSKT TP.HCM) has reported a pre-tax profit of VND 1.184 trillion (approximately $70 million) in the first half of the year, marking a new record. This figure represents nearly 60% of the company's annual target. According to the company's financial report, revenue in the first half exceeded VND 8 trillion, an increase of nearly VND 1 trillion compared to the same period last year. Lottery sales contributed over 97% of the total revenue, with the remainder coming from printing services and office rentals. After deducting expenses, the company achieved a pre-tax profit of VND 1.184 trillion, a 22% increase year-on-year. This profit level is significantly higher, reportedly two to three times that of many other lottery companies in the southern region. Earlier this year, the company's leadership had set a revenue target of approximately VND 17.32 trillion and an expected pre-tax profit of VND 2.005 trillion for the full year. The first-half results indicate strong progress towards these goals. Within its five-year business strategy, the company aims for a total revenue of over VND 88.75 trillion and a pre-tax profit of nearly VND 11.11 trillion by 2030. This plan corresponds to an average annual growth rate of about 3%. Company leadership stated that traditional lottery sales will remain the core business and will continue to be developed. Additionally, they plan to introduce new games to enhance the appeal of instant-win scratch cards and are considering plans for operating self-selected lotto games. XSKT TP.HCM is a state-owned enterprise with 100% capital from the state, directly under the Ho Chi Minh City People's Committee. After allocations for reward and welfare funds, all remaining profits are remitted to the state budget. As of mid-year, the company's total assets stood at over VND 3.2 trillion. Its liabilities were over VND 1.3 trillion, with the majority comprising taxes and other state budget contributions.