PhilWeb reports 567% growth in net income

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PhilWeb reports 567% growth in net income

PhilWeb Corporation, an accredited service provider of the Philippine Amusement and Gaming Corporation (PAGCOR), has reported a net income of PHP7.2m ($149,000) for Q1 2021, a 567% increase compared to the same period last year.

Revenue grew by 8% to PHP137.9m, and EBITDA rose by 98% to PHP28.9m. For the period, costs and expenses were PHP121.6 million, a 2% decrease.

“Results were brought about by the revenue contribution of 19 additional eGames sites that converted back to PhilWeb’s Electronic Gaming System, as well as the acquisition of 16 eBingo venues and 2 accredited eBingo machine providers,” a statement from PhilWeb read. 

According to the statement, the positive net income and EBITDA were partially impacted by the increase in the activities of the eGames and eBingo outlets. Recently, the company was approved by PAGCOR to operate its remote gaming platform that allows high-value customers to use PhilWeb gaming products outside of the designated venues.

PAGCOR meanwhile has reported PHP152.6m in net income for Q1 2021, against PHP777.4m the year before. Revenue from gaming operations dropped by 51% to PHP8.36bn, compared to PHP17.22bn in Q1 2020. 

The regulator paid a total of PHP4.39bn in taxes and reported PHP4.38bn in expenses, a 46% year-on-year decline. Regulatory fees from the casinos for Q1 were PHP3.73bn, a drop from PHP6.82bn for the same period in 2020.   

The drop in figures can be attributed to halted operations of the country’s casinos, as many of the venues have been closed or working at limited capacity since mid-March to stop the spread of Covid-19.