The Development Lotteries Board (DLB)saw unparalleled financial achievements in 2016 under Chairman/CEO, Romesh Jayawardana and Deputy Chairperson, Mrs. R.I. Wimalasena along with the Board of Directors and management. Sales revenue rose by a record 25 % over the previous year, while the pre-tax profit increased by more than 20%.
In 2016, DLB contributed Rs. 1,800 million to the President’s Fund, up from Rs. 1,600 million the year before. Its income tax payments increased from Rs. 662 million to Rs. 925 million.
In total, DLB contributed Rs. 3500 million to the government. This included Rs. 1,800 million to the President’s Fund, Rs. 556 million in VAT, Rs. 468 million in income tax, Rs. 456 million in default income tax and Rs. 241 million in NBT. Had it not been for the high default income tax, due to the non-payment of income tax by the previous management, the organization would have contributed a record sum to the President’s Fund in 2016.DLB is the main contributor to the President’s Fund. Its annual surplus is remitted to the President’s Fund, 50% out of which isallocated to the Mahapola Higher Education Trust Fund and utilized to develop university infrastructure and offer monthly scholarships, among other things.
DLB Chairman/CEO, Romesh Jayawardanasaid Finance Minister Ravi Karunanayake played a key role in their success. He noted thatthe minister offered direction and guidance at the weekly meetings in the ministry, and that most of the ideas they implemented came from him.
Established in 1983 to raise funds for development activities, DLB has picked pace under the new management. Today, it has nine popular products.
Two new products were launched successfully in 2016. The first, Sanwardhana Lakshapathi, offered more Rs. 100,000 prizes with an innovative game and achieved the highest sales in Sri Lankan lottery history, with over 5.6 million tickets sold in the first draw.
The other product, Kotipathi Shanida, offered the highest starting super jackpot of Rs. 75 million.