Philippines gaming and IT solutions provider DFNN Inc has reported an 81.3% year-on-year increase in revenue for the three months to 31 March 2022.
According to details filed with the Philippine Stock Exchange on Wednesday, revenue reached Php283.7 million in 1Q22, up from Php127.3 million a year earlier, while EBITDA of Php95.8 million compared with an EBITDA loss of Php12.2 million in 1Q21.
DFNN’s businesses include the Philippines’ first PIGO (Philippine Inland Gaming Operators) platform, operated by subsidiary Inter-Active Entertainment Solutions Technologies Inc. (IEST) brand InPlay.ph, launched in late 2020 to offer online gaming to local residents. It also holds licenses for electronic gaming machines, a sports betting exchange and pari-mutuel games from PAGCOR.
The company said that share-based income generated from interactive technology platforms – which include InPlay.ph – for the three months ended 31 March 2022 increased by 116.6% to Php229.3 million.
In its Quarterly Report, also published this week, DFNN explained the interactive offering has been “well accepted by the market.”
“With approximately 500 games, providing full KYC, facial recognition, and confidentiality with 24/7 customer service, it has strengthened the legal domestic online gaming services to compete with the large illegal market taking away needed government revenue,” it said.
“InPlay.ph was the first legal online gaming platform meant to compete with the illegal gaming operators in the Philippines. Launched in November 2020, it is the Philippines’ pioneer in the online gaming industry providing regulated betting and gaming technology.”
DFNN added that income generated from the development and maintenance of software solutions in 1Q22 fell by 45.5% to Php12.8 million, while sales of software and application licenses grew 53.9% to Php41.6 million.
Consolidated costs and expenses amounted increased 11.5% to Php196.4 million due to an “increase in costs associated with the company’s strategy of continued development and improvement of its technology platforms.”
In a separate announcement, DFNN revealed it is planning to expand into data centers and space technologies – part of its push to bolster its technology, platforms and software solutions for enterprise, e-government and retail clients.
The company said it is poised to add investments in data centers with “partners from Silicon Valley having some of the most cutting-edge parameters such as having zero wastewater, 100kW per rack and an industry leading 1.15 Maximum Power Usage Effectiveness (PUE).”
It will also invest in Space Technology Platforms and Space Sustainability Support Systems involving artificial intelligence and capability expansion for the Philippines.
“These will involve supporting the industry built around launch platforms with objects into near space, low earth orbit, geostationary orbit, space tourism, beyond Earth or on interplanetary trajectories,” DFNN said.
“It will also include the developments necessary to support spaceport and space industries and its ancillary operations. The space industry has already surpassed US$366 billion dollars annually in market size and will grow many multiples of that over the next decade. All these projects are in line with the Board of Investment’s updated Investment Priorities Plan (IPP).”
This, the company explained, is key in building a robust digital infrastructure.
DFNN CEO Calvin Lim said, “We look forward and remain focused on working with the new administration, and bolstering our investments in the Philippine economy in spite of the daunting task of rebuilding the economy ravaged by the pandemic and significant external economic headwinds.”