DigiPlus 2022 Financial Results: Achieving Strong Revenue Growth and Returning to Profits
April 20, 2023
In its 2022 annual financial statement, DigiPlus Interactive Corp. (formerly DigiPlus Interactive Corporation or DigiPlus Interactive Corporation) saw a tremendous growth in its revenue, from 2021’s Php2.81 billion to 2022’s Php8.91 billion.
The biggest revenue contributor was its Retail Games business, which amounted to 91.7% or Php8.16 billion of the total revenue. This segment is composed of the traditional on-site bingo operation, remote BingoPlus platform operations and e-game services. The retail business is expected to keep its profitable operations as it gains the favor of the social gamers, bingo-loving Filipinos. BingoPlus still continues to be the leading bingo operator in the country.
Net income for 2022 was Php686.8 million, compared with operating loss of Php894.6 million in the prior year. The Company achieved positive EBITDA of Php1,007 million for the full year 2022, compared with EBITDA loss of Php80 million in the prior year. The significant turnaround was due to the resumption of majority of its site operations and the launching of its own technology platform.
“What we accomplished in 2022 is remarkable, the Company re-aligned its new business strategy and returned to profitable operations. We believe that there is strong momentum in our future business growth and the outlook is positive” said Andy Tsui, President of DigiPlus Interactive Corp.
Based on what is disclosed in the company’s annual report, it is planning to expand its site operations in different areas, to acquire new machines and to expand its game offerings. As of 31 December 2022, DigiPlus had Php1.36 billion in cash and cash equivalents. With a strong balance sheet, DigiPlus is well-positioned to pursue its expansion plans and ride through the recovery of economic situations.
In addition, DigiPlus also completed a round of private placement value up to Php1.85 billion just in the first quarter of 2023 to support its operational plans and strategies.