Secure Electronic Technology Plc closed Q3 2026 with a net loss of about $79 thousand (₦105.8 million), compared with ₦45.4 million a year earlier, a rise of 133.2%. The unaudited accounts were published on the Nigerian Exchange, and the board approved them on October 20. Dollar amounts are converted at the Central Bank of Nigeria's official rate on October 20: ₦1,333.6467 to the dollar.
Gross receipts for July–September totaled about $690 thousand (₦920.7 million), 15.4% less than in Q3 2025 (₦1.09 billion). Gross profit fell 44.5%, to about $29 thousand (₦38.7 million).
The margin was squeezed by payouts to players. They amounted to about $418 thousand (₦558 million), or 60.6% of receipts versus 57.8% a year earlier. Ticket costs, about $243 thousand (₦324 million), took up 35.2% against 35.8%. The gross margin ultimately dropped from 6.4% to 4.2%.
Administrative expenses rose 34.7%, to about $116 thousand (₦154.4 million), from ₦114.6 million. They are now roughly four times gross profit; a year ago the gap was 1.6 times. Other operating income, about $7.8 thousand (₦10.4 million), did not close the gap: the operating loss came to ₦105.3 million.
At the same time, the company was hiring. As of September 30, 2026, it had 72 employees, against 50 a year earlier. Middle management grew from 22 to 33, and other staff from 20 to 31. Senior management stayed the same, eight people.
At a 4.2% margin and the current cost structure, covering administrative expenses would require quarterly receipts of about ₦3.7 billion. That is roughly four times the actual figure.
