PhilWeb net profit down 22% in Q1

Revenue was up 31.7 per cent year-on-year to Php181.7m (US$3.5m).
Revenue was up 31.7 per cent year-on-year to Php181.7m (US$3.5m).

The electronic gaming outlet service provider has reported profit of Php5.6m (US$108,000).

The Philippines.- PhilWeb Corporation reported a 22 per cent drop in net profit for the first quarter of the year 2022 to Php5.6m (US$108,000). However, the company also recorded a 31.7 per cent increase in revenue to Php181.7m (US$3.5m).

PhilWeb said the increase in revenue was mainly due to the contribution of its Remote Gaming Platform (RGP) and its acquisition of two e-bingo machine suppliers and 16 e-bingo sites. However, costs and expenses increased by 37.7 per cent to PHP167.3m, mainly due to the expansion and increase in the number of operating sites. The company’s EBITDA rose to PHP32.1m.

PhilWeb operates 86 PAGCOR licenced video game cafes. On March 23, 2021, the company received approval to operate its Remote Gaming Platform (RGP), which enables customers to enjoy gaming products outside of electronic gaming venues. The company also operates 32 BigGame locations and 22 E-Bingo locations nationwide.

The PIGO (Philippine Inland Gaming Operator) system that allows operators to offer gaming services to players within the country was announced in late 2020 to help the industry after the impact of the Covid-19 pandemic.

PAGCOR remits US$116.8m to Philippines National Treasury

The Philippine Amusement and Gaming Corp (PAGCOR) has remitted PHP6bn (US$116.8m) to the country’s treasury for 2021. PAGCOR’s most recent transfer included PHP1.04bn in dividends for 2021 and PHP4.95bn in additional/advance cash dividends (which can be included in future dividend obligations). 

The regulator has therefore maintained its status as one of the government-owned and controlled corporations (GOCCs) to remit cash dividends of at least PHP1bn to the government. The agency had remitted PHP5bn in cash dividends and advances for 2020, while cash dividends were PHP18bn for 2019 (US$374m) and PHP16.17bn for 2018.

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