Philippines gaming and technology group DFNN Inc has reported a 69% year-on-year increase in revenue and 191% increase in EBITDA in 2022, buoyed by the launch of “numerous tailored interactive technology platforms,” it said in a Thursday filing.
Citing robust growth across all areas of the business, DFNN said all revenue targets had been met for the year, with total revenue reaching Php905.8 million (US$16.2 million).
This included revenue from share-based income generated via interactive operations of Php698.6 million (US$12.5 million), up 69.4% year-on-year, while revenue generated from the development and maintenance of software solutions increased by 74.9% to Php188.0 million (US$3.4 million). Sales of software and application licenses amounted to Php19.2 million (US$342,000), presenting an increase of 18.1% year-on-year.
The growth in revenue resulted in DFNN recording Php228.7 million (US$4.1 million) in EBITDA, reversing an EBITDA loss of Php252.2 million (US$4.5 million) in 2021.
Gross profit stood at Php586.6 million (US$10.5 million), representing an impressive 333.1% growth rate, while net income of Php73.9 million (US$1.3 million) was 117.3% higher year-on-year.
“This is a direct effect of the significant increase in the sales and operations of all the company’s business streams,” DFNN said. “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.”
Looking ahead, DFNN added, “The organization’s outstanding performance is evidence of its tenacity and unwavering dedication to excellence. DFNN is prepared to seize the opportunities that lay ahead and is upbeat about the future. The company is well-positioned to pursue its growth plans and achieve even greater success in the years to come with a consolidated cash and cash equivalent of Php99.2 million (US$1.8 million) and no significant long-term debt.
“As we continue to strive to constantly grow in the highly dynamic digital platforms and artificial intelligence (AI) industry, DFNN will further implement the strengths of its core competencies working with the latest Philippines laws which allow companies seamless implementation of its fintech, blockchain, quantum computing, and AI technologies.
“The Group and its partners envision to be leading propagators and use its cutting-edge capabilities to assist in laying down the foundation for a robust digital economy.”
DFNN’s technology initiatives include the provision of a platform under gaming regulator PAGCOR’s PIGO scheme, which launched in 2020 and allows the Philippines’ land-based casino operators to provide online gaming services to their home-grown customers.