Philippines gaming investment firm DigiPlus Interactive Corp, formerly known as Leisure and Resorts World Corp, has reported net income of Php4.1 billion (US$73.4 million) in 2023, up 596% compared to the prior year.
In a Philippine Stock Exchange filing, DigiPlus said the strong performance was driven by the sustained growth of its digital retail segment, boosted by the introduction of new platforms and cost-efficiencies as the business continues to gain scale.
Revenues in 2023 grew by 306% to Php27.3 billion (US$489 million) on higher user traffic in its flagship bingo platform BingoPlus and sportsbook ArenaPlus, lifted by the contribution of new digital offerings. EBITDA of Php4.8 billion (US$86.0 million) was also nearly 500% higher year-on-year.
The company’s FY23 results included net income of Php2.0 billion (US$35.8 million) in 4Q23 alone, up 392% year-on-year, aided by the introduction of new digital offerings such as Color Game – a live-streaming specialty game that mirrors the traditional Filipino carnival game – launched in September 2023.
Digiplus saw its Q4 revenues grew 331% to Php11.3 billion (US$202 million), while EBITDA jumped 460% to Php2.3 billion (US$41.2 million) compared to the same period in 2022.
The company said it continues to invest in new technologies and product development with the aim of establishing a digital entertainment ecosystem and unlocking innovative product formats for Filipinos that can be accessed anytime and anywhere.
“We are pleased to see the sustained growth momentum across our digital offerings as we aim to usher a new era of entertainment in the space,” said DigiPlus President Andy Tsui. “We continue to be optimistic about the prospects for the company as we invest in new technologies and product development to deliver innovative, fun, affordable and accessible digital offerings that are traditionally well-loved by Filipinos.”
DigiPlus will pay a final cash dividend of hpP0.18 per outstanding common share payable on 18 April 2024.
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