DFNN appoints Ricardo Banaag as president and CEO

DFNN posted a 69 per cent increase in revenue for 2022.

06/06/23

DFNN has expanded its management team with new appointments in key roles.

The Philippines.- The gaming technology firm DFNN Inc has announced several leadership changes. Its current chief operating officer (COO), Ricardo F. Banaag, has been promoted to president and CEO and joins the board of directors. The move follows the departure of Calvin Lim, who will now serve as the executive operating director.

Meanwhile, DFNN has appointed Donaldo Limcaco as chief information officer (CIO) and as COO of various operating subsidiaries. Jacob Edel has been named vice president of marketing.

Banaag previously worked as president and country manager at Intel Microelectronics Philippines. Limcaco has over three decades of experience in management consulting for Fortune 500 companies across Asia, North America, and Europe. Edel has global marketing expertise including at IBM, Pokerstars, and Betway.com.

DFNN has recently shared its financial results for the fiscal year 2022. It posted a 69 per cent increase in revenue to PHP905.8m (US$16.1m) while EBITDA amounted to PHP228.7m (US$4.1m) versus a loss before interest, taxes, depreciation and amortization of PHP252.2m yearly.

Gross profit was up 333.1 per cent year-on-year from PHP135.5m (US$2.41m) to PHP586.6m (US$10.43m). Net income grew 117.3 per cent when compared to the previous year to PHP73.9m (US$1.31m). According to the company, this was “a direct effect of the significant increase in the sales and operations of all the company’s business streams.”

Revenue from share-based income generated from interactive operations increased by 69.4 per cent year-on-year to PHP698.6m (US$12.42m). Revenue from the development and maintenance of software solutions rose to PHP188m and sales of software and application licences amounted to PHP19.2m, up 18.1 per cent year-on-year.

The company said: “DFNN is well-positioned to pursue its growth plans and achieve even greater success in the years to come with a consolidated cash and cash equivalent of PHP99.2m and no significant long-term debt.”