PhilWeb posts impressive results during 18H1

The Philippines company reported a 175 per cent increase in revenue during the first six months of 2018.

Philippines.- PhilWeb has announced its financial results for the first half of 2018, in which it managed to achieve a 165 per cent increase in revenue to US$3.2 million, driven by an increase in Electronic Gaming System (EGM) outlets and the launch of new games.

President of PhilWeb Dennis Valdes said that the revenue hike was due to an increase of outlets using the EGM to 54 locations, as well as the launch of a new suite of games in June, using Habanero software, which resulted in overall gross gaming revenue growth. “We are pleasantly surprised that the combination of two gaming softwares has not resulted in one cannibalizing the other, but instead, has resulted in growth for both sets of games,” said Valdes.

“We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our e-Games outlets,” he said, and added that EBITDA also turned positive during the first six months of the year, an improvement from the negative results registered since late 2016.