The Development Lotteries Board (DLB) recorded 28.4 percent growth in profit before tax of Rs. 1,311 million in the first half of 2018 over the corresponding period in 2017.
The profit before tax during the first six months of 2017 was Rs.1,021 million and the profit margin stood at 15.9 percent compared to profit margin of 16.3 percent during the first six months of 2018.This was an increase of 2.5 percent compared to the 2017 profit margin.
The Board posted a profit after tax amounting to Rs. 1,209 million during the first half of 2018 and the reason for the decline in turnover in 2017 was the trade union action carried out by lottery sales agents following the increase in lottery price to Rs. 30 from Rs. 20 as a consequence of imposition of excise duty, without raising their commission.The DLB has achieved turnover of Rs. 7,362 million for the year 2016, while the turnover in 2018 was Rs. 8,005 million. If the year 2016 is taken as the base year, the turnover in 2018 indicated a 8.73 percent growth.
The total turnover has recorded an increase of 25 percent to Rs. 8005 million in the first six months of 2018, compared to Rs. 6383 million turnover during the same period last year.The Development Lotteries Board offers eleven lottery tickets to the local market along with ten lottery draw tickets and the oldest instant lottery of Sri Lanka THE Development instant scratch lottery ticket.
The main aim of the DLB is be the foremost lottery organization in the country that works towards developing and enriching the economy.
It is also an important contributor to the President’s Fund, which provides a range of welfare measures for the people with financial difficulties in obtaining medical facilities.
It also provides financial assistance for the treatment of serious non communicable diseases such as heart ailments, kidney transplant.
50 percent of the contributions to the fund is credited to the Mahapola Trust Fund established in 1981, with the objective of providing financial assistance for the studies of students those who engage in higher education.
Mahapola Trust Fund has awarded 276,674 scholarships for university students since 1983 up to 2017.
In addition to the direct contribution to the President’s Fund, the DLB is significant contributor to the government’s tax revenue. The Board has paid Rs. 579 Million as taxes to the government for the period ended June 2018.