Lottery recovery helps AGTech revenue grow by 70.2% in Q1

| By Marese O'Hagan
AGTech has recorded revenue of HK$35.3m (£3.6m/€4.3m/) for the first quarter of 2022, up by 70.2% year-on-year.

The company attributed this to the increase in lottery hardware sales, lottery distribution and ancillary services and the provision of electronic payment services in Macau.

The growth in lottery revenue came as total lottery sales in China reached CNY86.27bn for the first three months of 2022, which is up 2.0% from the same period in 2021.

Lottery hardware sales rose by HK$9.4m, while lottery distribution and ancillary services revenue also rose by HK$4.7m.

Revenue from distribution of lottery through retail sales outlets rose by 79%. This was partly due to the businesses’ 25% year-on-year expansion of lottery outlets.

Revenue from AGTech’s newly acquired electronic payment service, Macau Pass, amounted to HK$3.4m.

Although the business did not release full results for the quarter, it revealed that it made a HK$10.8m loss, a decrease of 72.2% from the loss made in Q1 of 2021.

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