PAGCOR reports net income of US$437.9m for Q1
Net income was up 42.57 per cent year-on-year.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first quarter of the year. It’s reported net income of PHP25.24bn (US$437.9m) up 42.57 per cent year-on-year.
Net operating income after expenses during the quarter was up 54.22 per cent in year-on-year terms to PHP18.99 bn (US$329.4m). With PHP22.29bn (US$386.7m), gaming operations accounted for the majority of Q1 revenue. Some 43.46 per cent, or PHP9.69bn (US$168.1m), of that total came from the e-games sector (eBingo, eGames and Bingo grantees), while PHP8.04bn (US$139.4m), or 36.06 per cent, came from licenced casinos.
Revenue from PAGCOR-run casinos under the Casino Filipino brand was down 20.68 per cent when compared to last year at PHP3.7bn (US$64.1m). Offshore gaming operations contributed PHP860.89m (US$14.9m).
Alejandro H. Tengco, chairman and chief executive officer of PAGCOR, said: “We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record-breaking year.
“As we said earlier, the E-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers.
“Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth.”
Of the almost PHP19bn (US$329.6m) earned by PAGCOR in the first quarter, PHP15.56bn (US$269.9m) will be used for social projects. This includes the 5 per cent franchise tax, 50 per cent government share, shares for LGUs hosting PAGCOR casinos, socio-civic projects, 5 per cent for the Philippine Sports Commission and 1 per cent for the Board of Claims to compensate people wrongfully convicted.
