DigiPlus Interactive Corp. recorded a net income of P436.8 million in the first quarter, reversing its P223.1-million net loss a year ago, as revenues from its retail gaming business improved.
“We are pleased to see the transformation initiative we embarked on coming to fruition. The success of BingoPlus validates our new strategic focus to digitalize our business to adapt to the evolving Filipino consumer,” said DigiPlus President and Chief Executive Officer Andy Tsui in a statement on Tuesday.
Consolidated revenues during the quarter grew more than threefold to P4.2 billion, which the retail gaming provider attributed to the “solid performance” of BingoPlus.
DigiPlus said its retail games business accounts for over 90%of its total revenues. Its topline is composed of both digitalized bingo games and traditional onsite operations, along with electronic game stations under its BingoPlus brand.
“The strong rebound of its electronic gaming operations and casino segment on the resumption of operating sites likewise lifted DigiPlus’ revenues,” it said.
DigiPlus also said that it had achieved a turnaround in earnings before interest, taxes, depreciation and amortization or EBITDA to P510.2 million from a negative P151.1 million a year earlier.
“This positive momentum is an opportune time to execute on our growth initiatives as we look to expand our site operations and introduce new and innovative game offerings in the coming months,” Mr. Tsui said.
DigiPlus said its BingoPlus gaming platform registered “exponential growth” since its launch in January last year. It added that it had embarked on a strategic transformation amid the pandemic.
“Since then, BingoPlus has become a community and entertainment hub, a source of revenue for the government, and funding for social and educational programs,” it said.
On Tuesday, DigiPlus shares rose 1.17% or P0.03 to close at P2.60 each.