AGTech net profit increases 18.8 percent in 2016

Hong Kong-listed AGTech Holdings Limited recorded profit attributable to owners of the company of approximately HK$333 million (US$42.9 million) for the year ended December 31, 2016, up from HK$280.2 million in 2015.

The company posted approximately HK$251.5 million in the full year 2016, down around 16.6 percent from HK$301.6 million recorded in 2015.

Most of the revenue was derived from lottery games and systems, hardware, distribution and ancillary services in the PRC, said the company in its filing.

”The decrease in revenue was mainly due to the reduced sales of lottery hardware products during the year,” it added.

Last year, the company became the exclusive lottery business platform of Alibaba Group and Ant Financial Group.

“We believe that the transaction enhances our ability to develop and expand our existing business and we expect that both our physical and remote lottery and other game business will benefit from significant potential synergies resulting from the cooperation with Alibaba Group and Ant Financial Group,” said the group in its annual results.

“Detailed work is currently taking place to identify the short, medium and long-term opportunities available to the parties in order to fully capture the potential synergies,” it continued.

Previous articleUnity Technologies to contribute to VR/AR gambling conference
Next articleRexlot expects loss for 2016

Related Articles

AGTech gets five more sports lottery contracts

AGTech Holdings said it has won sports lottery procurement contracts for five more Chinese provinces.

AGTech wins lottery terminal procurement bid in several provinces

AGTech Holdings Limited has announced that its wholly-owned subsidiary, Beijing AGTech GOT Technology Co., Ltd has won the sports lottery terminal procurement bidding projects in Anhui, Shanxi, Jilin, Hubei, and Guizhou, according to a company filing.  The procurement of lottery terminals over the first four months of the year had fallen to a near standstill […]

Kiron teams up with AGTech in Asia, Latin America and Africa

Specialist virtual games provider Kiron and lottery and gaming supplier AGTech have agreed on a global collaboration agreement which will include the distribution of the parties’ respective products internationally.  Kiron’s premier virtual games offering, including football and racing, as well as a variety of localized sports and numbers games, will be integrated into AGTech’s brand […]

AGTech deepens cooperation with Alibaba Group

AGTech Holdings has announced that its wholly-owned subsidiary, Beijing GOT Technology, has entered into an agreement with Alibaba China to provide equipment and maintenance services including POS terminals and face recognition payment equipment, which may be applied to offline retail sales as well as lottery sales.

AGTech to supply lottery terminals in Zhejiang and Henan

AGTech Holdings Limited reported to the Hong Kong Stock Exchange on Thursday that one of its wholly-owned subsidiaries had won the lottery terminals procurement tenders to supply lottery terminals to the Sports Lottery Administration Centers in Zhejiang province and Henan province.

AGTech swings to loss in Jan-Sept period

Lottery service provider AGTech Holdings posted a loss of HK$73.1 million (US$9.3 million) for the first nine months of 2019, due mainly to several non-cash and non-operating items relating to the fair changes of convertible bonds and the contingent consideration payables related to its acquisition of Score Value in 2014.  Revenue of the group fell […]