PhilWeb Corp, a Philippines-listed eGames service provider, significantly improved its financial performance in the second quarter of 2024. The company reported a positive net income of PHP224,929 for the quarter ending June 30, 2024. This marks a strong recovery from the PHP5.26 million net loss it suffered in the same period of 2023.
PhilWeb also increased its gross revenue by 4.8 percent year-on-year, reaching PHP208.89 million in the second quarter of 2024. This figure rose from PHP199.36 million recorded in the same quarter last year.
The company supplies software content, eBingo machinery, and services to 150 licensed gaming venues. In addition, PhilWeb owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.
Revenue growth during the second quarter came alongside a slight reduction in gross expenses. These expenses fell by 1.5 percent to PHP193.84 million, compared to PHP196.77 million in the previous year’s quarter.
As a result, PhilWeb posted a positive income before tax of PHP10.45 million. This performance shows a marked improvement from the PHP2.2 million loss before tax it recorded in the same quarter last year.
For the year-to-date period, the company grew its gross revenue by 2.6 percent to PHP414.15 million. Meanwhile, it decreased gross expenses by 2.9 percent to PHP387.64 million.
Despite this positive momentum, the company’s balance sheet showed a slight decline in current assets. These assets decreased to PHP208.94 million. At the same time, total liabilities dropped to PHP661.03 million from PHP669.95 million at the end of the previous fiscal year.
PhilWeb holds a PAGCOR license. The company offers online gaming to the Philippine market through its brand eGames.
