$29.9 million profit 

Super Group's Q2 2023 profits soar, includes non-cash charge of $6.6 million

Neal Menashe, Chief Executive Officer of Super Group
Reading time 1:26 min

The Super Group reported a profit of $29.9 million (€27.6 million) for the second quarter of 2023. This profit includes a non-cash charge of $6.63 million (€6.1 million) arising from the change in fair value of option liabilities.

Neal Menashe, Chief Executive Officer of Super Group, lauded the company's financial achievements, stating: "Super Group has delivered financial results that reflect our ongoing focus on both an optimized global footprint and investment in long-term growth." 

Super Group's profit performance in Q2 2023 is linked to its operational achievements. The company reported an operational EBITDA of $76 million (€70.0 million) for the quarter, signaling growth compared to the $58.2 million (€53.6 million) recorded in the same period of 2022.

Alinda van Wyk, Chief Financial Officer of Super Group, emphasized the role of customer engagement in driving profits, stating: "Our second quarter results, ex-US included record revenue and solid Operational EBITDA of $89.7 million (€82.6 million).”

“Our monthly active customer numbers continue to show momentum, reaching 3.7 million which we believe is a key driver for future growth."

The company reported revenue of $413.6 million (€380.8 million) for Q2 2023, marking a 19% increase compared to the same period the previous year. 

This revenue growth is attributed to Super Group's performance in markets across Africa and the Middle East, as well as European markets. However, declines in North America and the Asia-Pacific regions partially offset this growth.

Analyzing revenue distribution across geographical regions offers insights into Super Group's global footprint:

  • Africa and Middle East: Contributed 48% of total revenue.
  • Asia-Pacific: Accounted for 18% of total revenue.
  • Europe: Comprised 16% of total revenue.
  • North America: Constituted 16% of total revenue.
  • South/Latin America: Contributed 2% of total revenue.

The company's diverse revenue streams encompass online casino revenues of $242.9 million (€223.6 million), sports betting revenues of $156 million (€143.0 million), brand licensing revenues of $9 million (€8.3 million), and other revenues totaling $6.3 million (€5.8 million).

Cash and cash equivalents stood at $248.4 million (€228.7 million) at June 30, 2023, reflecting a decrease from $276.8 million (€254.8 million) at December 31, 2022. The reduction during Q2 2023 is attributed to various factors, including inflows from operating activities, inflows from investing activities, and outflows from financing activities.

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