Philippines electronic gaming outlet service provider PhilWeb Corporation has reported a 32% year-on-year increase in revenue in 1Q22 to Php181.7 million (US$3.5 million), rocketing back to profit as its COVID-19 recovery continues.
The company said on Tuesday that 1Q22 EBITDA reached Php32.1 million (US$617,000) with net income of Php5.6 million (US$108,000). This follows the recent release of PhilWeb’s FY21 results which saw revenue more than double from Php265 million (US$5.1 million) in 2020 to Php538 million (US$10.3 million) in 2021.
“COVID community quarantine restrictions kept our patrons from visiting gaming venues from April to October last year,” said PhilWeb President Brian Ng, “But the timely launch of our egamescasino.ph Remote Gaming Platform at the end of March 2021 allowed our partners to continue to provide safe and legal gaming services to their registered patrons, in the safety of their own homes.
“Our revenues are now increasing with the easing of COVID restrictions. These were dampened due to the Omicron surge earlier this year, but our March 2022 revenues are the highest since our gaming services resumed in 2017.”
PhilWeb said its regulated gaming solutions currently cover more than 150 eGames and eBingo venues across the Philippines, increasing from 75 locations at the end of 2020.
