Makati—(PHStocks)—PhilWeb Corp. (PSE: WEB), the service provider to PAGCOR’s network of e-Games outlets, released its audited financial statements for 2015, showing an increase in revenue despite increased competition from other forms of gaming operations. Annual revenue totalled PhP1.67 billion, while net income was PhP870 million. Income before tax and EBITDA were all higher than the previous year.
“Our cash flows in 2015 have been steadily increasing, and this is evident in our EBITDA, which totalled PhP1.2 billion,” said Dennis Valdes, President of PhilWeb. “Our strong cash flows enable us to reward our shareholders with increased returns on their investment in PhilWeb. The company declared a dividend of PhP0.20 per share last month, a 33% increase versus its previous dividend declaration of PhP0.15 per share. PhilWeb paid a total of four PhP0.15 dividends, amounting to PhP0.60 per share in 2015. In 2016, we are targeting to maintain our PhP0.20 per share quarterly dividends or a total of PhP0.80 per share for 2016.”
The e-Games network ended 2015 with a total of 268 operating e-Games, with over 8,800 gaming terminals. The casino gaming software was updated in November 2015 such that sports betting can now be done at each terminal.
All 90,000 e-Games members have also had their accounts upgraded to enable PhilWeb’s e-Safe proprietary electronic wallet, which allows members to leave balances in their accounts should they wish to, easing the network’s cash management and logistics. Valdes noted that the enhancements to the gaming software and membership accounts will allow e-Games to further improve their customer experience in 2016.
“I am bullish about the coming year,” said Valdes. “We have been a solid supporter of PAGCOR for over a decade, over several changes in PAGCOR administrations, and consistently increasing the revenue we deliver to them year after year. In 2015, we remitted to PAGCOR a total of PhP2.116 billion as compared to PhP2.079 billion a year before. As a valued partner of PAGCOR, we are already looking forward to how much more we can be of service to them in the years ahead.”