Philippines-listed technology-provider and remote gaming platform provider DFNN posted a 69 percent increase in revenue for FY22 to PHP905.8 million ($16.1 million), driven mainly by robust income generated from its interactive technology platforms and an increase of sales.
DFNN mentions that the “successful equity restructure was one of the reasons for “tremendous turnaround”.
According to an earnings release, DFNN said that EBITDA amounted to PHP228.7 million ($4.1 million) versus a loss before interest, taxes, depreciation and amortization of PHP252.2 million ($4.48) yearly, resulting in a solid growth rate of 190.7 percent, which “met revenue targets effectively”.
Gross profit stood at PHP586.6 million ($10.43 million) versus PHP135.5 million ($2.41 million) in 2022, amounting to significant 333.1 percent growth. Net income amounted to PHP73.9 million ($1.31 million) for the period ended December 31, 2022, sustaining a growth of 117.3 percent, year-on-year. This a direct effect of the significant increase in the sales and operations of all the company’s business streams, noted the company.
Revenue from share-based income generated from interactive operations increased by 69.4 percent yearly. Total revenue in this category amounted to PHP698.6 million ($12.42 million).
DFNN said that the “impressive increase in commission income is attributable to a steady surge in sales and the introduction of various customized interactive technology platforms”.
The company also mentioned their efforts to further operational efficiencies to lower costs are being implemented. According to the report, DFNN’s consolidated cost and expenses decreased by 10.2 percent year-on-year, amounting to PHP792.9 million ($14.1 million) compared to PHP 882.8 million ($15.7 million) in 2021.
“All areas of the DFNN Group’s business continue to exhibit robust growth trends amid the residual effects of COVID as experienced by any other company and compounded by the challenging high inflationary environment,” notes the enterprise.
Regarding its future perspectives, the company said it will continue striving to constantly grow in the highly dynamic digital platforms and artificial intelligence (Al) industry. And DFNN will further implement the strengths of its core competencies”s business showed strong growth trends in all areas.
DFNN’s Chairman Ramon Garcia explained during the ASEAN Gaming Summit the benefits of investing in Asia, as demonstrated by the company’s ongoing success.