DigiPlus has reported a tenfold increase in net income.
The Philippines.- DigiPlus Interactive Corp (previously Leisure and Resorts World Corporation) has reported net income of PHP2.1bn (US$37.5m) for the first nine months of the year. The company attributed the ten-fold growth to the performance of its digital retail gaming segment, the launch of new offerings and cost efficiencies as it scales its operations.
DigiPlus’s revenues for the first three quarters nearly tripled, reaching PHP16bn (US$286m). This was driven by higher traffic for its live-streaming bingo game, BingoPlus, and digital sports betting through ArenaPlus. BingoPlus was launched last year after PAGCOR approved the AB Leisure division’s request to begin operations as an electronic games system service provider.
EBITDA rose 390 per cent from the previous year, amounting to PHP 2.5bn (US$44.7m). For the third quarter of the year, the company posted net income of PHP1bn (US$179.9m), up 132 per cent year-on-year. Revenue reached PHP7bn (US$125m), up 144 per cent, and EBITDA rose 123 per cent to PHP1.3bn (US$23.2m).
A week ago, DigiPlus agreed to acquire 100 per cent of its non-direct subsidiary, Gamemaster Integrated to restructure its operations. It will acquire 1.25 million shares at PHP100 each for a total transaction value of PHP125m (US$2.2m). These shares will be procured from a subsidiary of AB Leisure Global Inc., a wholly-owned subsidiary.
The group said it will develop and operate a new digital gaming platform offering a variety of card games. DigiPlus said it will consolidate its digital gaming platforms into direct subsidiaries to enhance efficiencies and synergies. The group noted that it is “expanding its product offerings to cater to a broader range of demographics and lifestyle preferences”.