SBC News Svenska Spel pays SEK 2.9 billion goodwill dividend to Swedish government

Svenska Spel pays SEK 2.9 billion goodwill dividend to Swedish government

The board of Svenska Spel has announced that it will pay a dividend of SEK 2.9 billion (€275m) back to the Swedish government. 

The dividend was marked as the headline announcement by Svenska Spel publishing its full-year 2021 results, in which Sweden’s monopoly for lotteries and land-based gaming performed above expectations.

Headline results saw Svenska Spel register corporate revenues of SEK 8.14 billion (€780m) up 6% on FY2020’s corresponding results of SEK 7.67 billion.

Revenue growth was attributed to the improved performance of Svenska Spel’s Sports and Casino business, which recorded a 20% increase in revenues to SEK 2.35 billion (FY2020: SEK 1.95 billion).

Elsewhere, the monopoly’s TUR lottery unit matched its FY2020 performance, generating like-for-like revenues of SEK 4.91 billion (+1%).

Year trading saw Svenska Spel continue to be impacted by COVID-19 restrictions as the company could only partially reopen in land-based Casino Cosmopol and Vegas units.

The closure of the Casino Cosmopol and Vegas unit would impact Svenska Spel’s operating profits to SEK 2.46 billion, up 3% on 2020 results of SEK 2.39 billion.

Svenska Spel noted a tough end-of-year closing as “renewed effects of the pandemic impacted two of main business areas”, dragging Q4 profits to SEK 601 million (-13%).

 “I am pleased that the board intends to propose a dividend of SEK 2.9 billion to the state,” – said Patrik Hofbauer, President and CEO of Svenska Spel.

“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. 

“Our operations are still strongly affected by the pandemic, but have good growth and profitability for the Group.”

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