Svenska Spel to Pay $318m Dividend to the Government
Swedish lottery and gambling operator Svenska Spel released its full-year 2021 financial report marking an above expectation performance with a SEK2.9 billion ($318 million) dividend payment to the government.
Solid FY2021 Results
The state monopoly on lottery and gambling Svenska Spel announced it would pay back to the government the multi-billion dividend to celebrate a year of stable growth across the business.
“I am pleased that the board intends to propose a dividend of SEK2.9bn to the state. The fact that our surplus goes to the Swedish people via the Treasury is one of the reasons why we are the entire Swedish gaming company.”
Patrik Hofbauer, President and CEO, Svenska Spel
Svenska Spel revealed trading in 2021 saw growth in several of its key metrics as the operator finished the year with corporate revenues of SEK8.14 billion ($894 million), an increase of 6% on corresponding results of SEK 7.67 billion ($843 million) in 2020.
Growth at the operator was generated mainly by its Sports and Casino business which contributed to SEK2.35 billion ($258 million) to record a 20% increase on SEK 1.95 billion ($214 million) registered in 2020.
Svenska Spel’s lottery division Tur which saw a new head of marketing and sales since February 2021, registered in 2021 revenues of SEK4.91 billion ($540 million) to post a marginal increase compared to SEK4.85 billion ($533 million) in the year before.
Land-Based Gaming Impacted
Despite the positive tone of the report, the Swedish operator noted its performance was impacted by the restriction-based approach to tackling the spread of the coronavirus as it could only partially re-open Casino Cosmopol and Vegas land-based gaming units due to the government acting several times.
“Our operations are still strongly affected by the pandemic, but have good growth and profitability for the Group.”
Patrik Hofbauer, President and CEO, Svenska Spel
The closure of Svenska Spel’s land-based Casino Cosmopol and Vegas units was estimated to have impacted operating profits by SEK2.46 billion ($270 million), an increase of 3% compared to the impact of SEK2.39 billion ($263 million) in 2020.
Svenska Spel reported a tough fourth quarter as its profits shrank by 13% to SEK601 million ($66 million) due to the renewed effects of the pandemic on two of the company’s main business areas.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
