Secure Electronic Technology Plc narrowed its loss significantly in the first half of 2026, but the improvement masks a weaker core business rather than reflecting one.
The company’s unaudited results for the period ended 30 June 2026 show a loss after tax of N32.17 million, down 57 percent from the N74.86 million loss recorded in the same period of 2025. On paper, that looks like a strong turnaround. Underneath it, revenue and profitability from the company’s core lottery and gaming operations both weakened.
Gross income fell 3.4 percent to N1.95 billion, from N2.02 billion a year earlier. More significantly, gross profit collapsed 40 percent, to N110.8 million from N184.9 million, as prize and winnings payouts rose 10.7 percent even as revenue declined. Gross margin nearly halved, slipping from 9.1 percent to 5.7 percent, evidence that the core business became materially less profitable during the period, not more efficient.
The narrower
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