New ventures make up for drop-off in Phumelela’s traditional tote operations
A disappointing performance from Phumelela Gaming & Leisure’s traditional tote operations was compensated for by a pleasing performance from its fixed odds bookies, the sports betting group said in its results for the year to end-July, released on Friday morning. Phumelela, historically a horse track owner, has over the past few years diversified geographically while the relaxation of SA’s gambling laws has allowed it to expand the range of bets it offers to soccer and other sports Income from its South African operation declined 1% to R1.2bn while its international arm grew income by 12% to R307m. The group’s net income grew 4% to R1.55bn and its aftertax profit grew 18% to R143m. Phumelela maintained its final dividend at 70c, keeping its total for the year level at R1.04. "Horse racing is an integral part of our total product offering and inseparable from the success we have achieved internationally. We continue to invest in supporting a high-quality South African racing product ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.