PhilWeb Reports a 567% Increase in Net Income for Q1 2021

PhilWeb Corporation has reported a net income of PHP7.2m ($149,000) for Q1 2021, a 567% increase compared to the same period last year.

Revenue grew by 8% to PHP137.9m and EBITDA rose by 98% to PHP28.9m. For the period, costs and expenses were PHP121.6 million, a 2% decrease.

“Results were brought about by the revenue contribution of 19 additional eGames sites that converted back to PhilWeb’s Electronic Gaming System, as well as the acquisition of 16 eBingo venues and 2 accredited eBingo machine providers,” a statement from PhilWeb read.

According to the statement, the positive net income and EBITDA were partially impacted by the increase in the activities of the eGames and eBingo outlets. Recently, the company was approved by PAGCOR to operate its remote gaming platform that allows high-value customers to use PhilWeb gaming products outside of the designated venues.