WorldStage– Secure Electronic Technology Plc (NSLTECH) has officially released its unaudited financial statements for the third quarter ended September 30, 2026, reflecting continued financial headwinds characterized by compressed gross margins and mounting administrative expenditures.
The regulatory filing submitted to the Nigerian Exchange Group (NGX) provides investors and market analysts with a comprehensive look into the lottery and gaming company’s operational performance across the nine-month period.
Key Financial Highlights (Q3 2026 vs. Q3 2025)
Gross Income: Stood at ₦2.87 billion for the 9-month period ended September 30, 2026, dropping from ₦3.11 billion reported in the corresponding period of 2025. Gross income for the specific 3-month quarter came in at ₦920.69 million.
Gross Profit: Recorded a sharp contraction to ₦149.47 million for the nine months, compared to ₦263.06 million in the first nine months of 2025, heavily impacted by direct prize, winning, and ticket costs totaling over ₦2.72 billion combined.
Operating Loss: Widened to ₦116.88 million for the nine-month cycle, expanding from an operating loss of ₦87.71 million over the same timeframe in 2025.
Loss Before and After Tax: The company reported a net loss after tax of ₦118.28 million for the nine months ended September 30, 2026, translating to a basic earnings per share (EPS) loss of (2.10 kobo), compared to a loss of (1.65 kobo) (₦92.85 million) in the prior-year period.
Revenue Pressures and Cost Analysis
For investors tracking operational efficiency, Secure Electronic Technology’s primary revenue source—lottery tickets and gaming products—faced pressure alongside elevated overheads. Administrative expenses for the nine-month duration ticked upward to ₦352.68 million (up from ₦350.77 million in 2025), driven primarily by personnel adjustments, professional fees, and general maintenance requirements.
Despite these near-term pressures, the company maintained a disciplined debt profile with non-current borrowings standing steady at ₦310.65 million and total assets valued at ₦4.33 billion, anchored by substantial non-current intangible assets and property, plant, and equipment valued at over ₦4.15 billion.
Balance Sheet and Capital Structure
Share Capital: Paid-up share capital remains unchanged at ₦2.82 billion, distributed across 5.63 billion ordinary shares of 50k each.
Total Equity: Closed the period at ₦3.48 billion, reflecting cumulative historical accumulated losses totaling ₦2.92 billion offset by revaluation reserves of ₦3.58 billion.
Cash Position: Cash and cash equivalents closed at a modest ₦25.27 million, compared to ₦20.51 million at the close of December 2025.
Management, led by Managing Director Mr. Olusoji Oyeyemi and Financial Controller Mr. Tosin Ajewole, certified that the interim financial statements comply with International Financial Reporting Standards (IFRS) and the Investments and Securities Act 2007, maintaining rigorous internal controls over financial reporting.
