Benin lottery retains A+ rating despite profit decline
Higher operating profit and cash holdings helped balance weaker revenue and net income in Bloomfield’s assessment of the national lottery.
Key takeaways:
- Benin’s National Lottery retained its A+ long-term and A1- short-term credit ratings, both with stable outlooks.
- Revenue fell 3.8 per cent to CFAF98.598bn in 2025, with Bloomfield citing reduced player interest in Lotto games.
- Net income declined 35.6 per cent to CFAF4.622bn, while operating profit increased 39.9 per cent to CFAF6.376bn.
- Cash and cash equivalents rose approximately 40 per cent to CFAF7.979bn, while financial debt remained broadly stable at CFAF562m.
- The ratings remain valid through July 31, 2027, with competitive pressure and strategic-plan implementation among the identified weaknesses.
Benin.- Benin’s National Lottery (LNB) has retained its A+ long-term and A1- short-term credit ratings from Bloomfield Investment Corporation, a credit-rating agency in Côte d’Ivoire, despite weaker revenue and net income in 2025. The assessment highlights a mixed financial position, with improved operating profit and higher cash holdings offsetting pressure on sales and the operator’s market position.
LNB is listed on the West African Regional Securities Exchange (BRVM) under the ticker symbol LNBB. Both credit ratings carry stable outlooks and are valid through July 31, 2027, according to Bloomfield’s rating sheet, which covers August 2026 to July 2027.
LNB’s revenue fell 3.8 per cent to CFAF98.598bn (US$174m) in 2025, from CFAF102.544bn (US$181m) a year earlier. Bloomfield attributed the decline to reduced player interest in Lotto games, while separately identifying competitive pressure on the operator’s market position as a credit-risk concern.
Despite the revenue contraction, operating profit increased 39.9 per cent to CFAF6.376bn (US$11.3m), from CFAF4.558bn (US$8.1m) in 2024. The operating margin improved from about 4.4 per cent to 6.5 per cent.
Net income, however, fell 35.6 per cent to CFAF4.622bn (US$8.2m), compared with CFAF7.176bn (US$12.7m) in 2024. Bloomfield attributed the contraction in net income to exceptional factors.
The lottery operator’s cash and cash equivalents rose by approximately 40 per cent to CFAF7.979bn (US$14.1m) in 2025, from CFAF5.697bn (US$10.1m) a year earlier. Financial debt remained broadly stable at CFAF562m (US$1m), compared with CFAF563m in 2024.
Bloomfield cited structural changes with favourable prospects, a revised revenue-collection model intended to improve the recovery of betting stakes, a stronger financial balance and a funding profile based primarily on the company’s own resources as factors supporting its credit profile.
The agency also identified weaknesses, including competitive pressure on LNB’s market leadership, insufficient implementation of its 2025 strategic plan, declining interest in Lotto games and lower net income due to exceptional factors.
In May, LNB’s 2025 profit decline was partly attributed by management to competition from illegal gambling operators, alongside the absence of a one-off gain recorded in 2024 and a higher tax charge. The latest rating assessment provides an updated view of the lottery operator’s credit profile amid those financial and market pressures.
Frequently asked questions (FAQs)
- What credit ratings did Benin’s National Lottery retain? Bloomfield maintained LNB’s A+ long-term and A1- short-term credit ratings, both with stable outlooks.
- Why did Benin’s National Lottery revenue fall in 2025? Bloomfield attributed the decline to reduced player interest in Lotto games. It separately identified competitive pressure as a credit-risk concern.
- How much revenue and net income did LNB report in 2025? LNB reported revenue of CFAF98.598bn (US$174m) and net income of CFAF4.622bn (US$8.2m).
- When do the ratings expire? Both ratings are valid through July 31, 2027, according to Bloomfield’s rating sheet.
