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Nov 27, 2023 13:02 EEST
November 27 (SeeNews) - Online betting and gambling operator Telematic Interactive Bulgaria [BSE:TIB] said on Monday that its consolidated net profit came in at roughly 17.9 million levs ($10 million/9.15 million euro) in the first nine months through September against 17.99 million levs a year earlier, after expenses jumped 24%.
Telematic Interactive grew its total revenue to 87.5 million levs in the review period from 74.5 million levs in January-September 2022, the company said in an interim financial statement.
The positive performance was driven by a 21% yearly rise in online casino gaming operating income to 76.9 million levs. The growth in revenue also resulted from the number of average monthly active users climbing by 22% year-on-year to 90,109, the company noted.
However, sports betting sales declined by 19.3% on the year to roughly 5.3 million levs because of the process of implementation of a new online betting platform, which is expected to lead to an uptick in user activity.
Telematic Interactive's expenses widened to some 67.6 million levs from 54.5 million levs a year earlier, chiefly due to a nearly 22% annual rise in costs for hired services to 40.1 million levs. Of those, payments to game publishers grew 29.3% on the year to 13.7 million levs in the first nine months of 2023. Salaries over the same period increased 39.5% to over 6 million levs, in part due to the higher number of employees.
Earlier in November, the owner of the Palms Bet casino brand said it plans to distribute a one-off gross dividend of 0.40 levs per share from accumulated profits, on top of an annual gross dividend of 1 lev per share for 2022.
Telematic Interactive has recorded a 2.6% decline in its stock value over the past 12 months, to a market capitalisation of 184 million levs, bourse data show. Shares in the company most recently closed at 14.20 levs on the Sofia bourse on Friday.
(1 euro = 1.95583 levs)
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