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Philweb posts $0.32m profit for 2Q22, catalyzed by strong revenues

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Strong revenue streams energized PhilWeb’s 2Q22 bottom line as the company reported a net profit of PHP 18 million ($0.32 million) against the previous year’s loss of PHP 23 million ($0.41 million).

The company reported net revenues up 64 percent on a year-on-year basis at PHP 385 million ($7 million) from PHP 235 million ($4.2 million).

The revenues increased by PHP 150.4 million ($2.7 million) for the six months ended on June 30, 2022, the improvement in revenues is mainly attributable to the contribution of Remote Gaming Platforms (RPG) and the impact of the acquisition of two e-Bingo machine suppliers and 16 e-bingo sites, the company filing submitted to the Philippines Stock Exchange read.

RPG and e-Bingos

On March 23, 2021, the company was granted approval by PAGCOR (Philippines Amusement and Gaming Corporation) to operate its Remote Gaming Platform (RPG) to allow high-value customers to enjoy gaming products outside of the e-Games venues, the company filing read.

In an effort to expand and diversify operations, PhilWeb, through Easy e-Bingo (a wholly owned subsidiary) acquired two electronic bingo sites located in the National Capital Region. This expanded PhilWeb’s reach into another segment of the gaming industry. 

Easy e-Bingo, Inc. is currently operating six e-Bingo locations. On March 8, 2021, PhilWeb Corporation acquired 16 e-Bingo outlets and 2 e-Bingo machine suppliers from the Palmary Group.

Following this acquisition, PhilWeb now operates 22 e-Bingo outlets. The acquisition of the 2 accredited e-Bingo machine supplier companies allows PhilWeb to expand its portfolio of gaming services into e-Bingo outlets.

At present the two companies are accredited suppliers to 75 e-Bingo outlets across the country, the company filing read.

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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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