Philippines-listed DigiPlus Q1 earnings up 370 pct

Philippine holding company DigiPlus Interactive Corp, which has invested in gaming and leisure businesses including digital bingo and digital sportsbook operations, saw first-quarter net income attributable to shareholders rise 370.2% year-on-year to 1.99 billion PHP ($34.7 million) from nearly 424.4 million PHP in the same period in 2023.

In the three months to March 31, DigiPlus’ consolidated revenue (mostly from “retail games”) rose 226.3% to PHP 13.63 billion from just $4.18 billion in the first quarter of 2023.

“This is mainly due to increased revenues from bingo and electronic games in the retail, casino and real estate sectors,” it said in a filing with the Philippine Stock Exchange on Wednesday.

DIGPLEX’s Q1 earnings before interest, taxation, depreciation and amortization were just PHP2.1.1 billion, up 312.8% from PHP510.2 million in Q1 2023

“We plan to continue our growth momentum by continuing to invest in innovation and new technologies and adding new digital products to enhance the user experience,” said Andy Tsui, president of DG Plus, in his prepared remarks.

He added, “By providing innovative, fun, and accessible digital services, we aim to continue revolutionizing the entertainment space in the Philippines.”

The company’s 100% owned AB Leisure Index Inc. has 128 land-based bingo locations, 116 of which were operational as of March 31, and in 2022 launched the online bingo service Bingo Plus, which is said to be the first traditional bingo product sold on a tech platform licensed by Philippine gaming regulator Pagcor.

In February 2023, DigiPlus launched ArenaPlus, a new brand for sports betting operations.

Bluechip Gaming and Leisure, a division of DigiPlus, operates casino slot arcades in four “Parkor VIP Clubs.”

The parent group is also the 87.27 percent owner of First Cagayan Leisure and Resort Corp., which is responsible for licensing, regulatory, and operational monitoring of interactive gaming businesses on behalf of the Cagayan Economic Zone Authority (CEZA). The latter agency has been issuing licenses for “interactive gaming” since 2001.

Digiflus, formerly known as Leisure & Resorts World Corp., has been linked to a proposal to develop a casino resort on the holiday destination of Boracay Island by October 2023.

Pagco expects the domestic gaming industry to post a total gaming revenue of $336.38 billion this year, up 17.9 percent from 2023. Pagco said it expects the electronic gaming sector to record the fastest growth in 2024.

About 43.5% of Pagcor’s PHP 22.9 billion first-quarter revenue came from the e-Games segment, according to official data.

BY: 바카라 필승법

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