PhilWeb is bolstering its digital offerings by partnering with key content providers to enhance its digital gaming and sports betting platforms, a stock exchange filing on Thursday showed.
“Over the past year, PhilWeb has partnered with OKBet and OKSports to provide gaming and sports betting content to the eGames platforms. Other leading gaming content providers such as Jili and Evolution are also available,” the company said.
Stock market surge
Speculation over gaming prospects has sent PhilWeb’s stock price soaring.
PhilWeb is up around 94 percent since the start of the year and has jumped 147 percent in just the past month.
Losses in 2024
Despite boosting its offerings, PhilWeb ended 2024 with a net loss of P599.2 million, mainly from non-cash goodwill impairments and value added tax adjustments tied to the franchise tax.
“Had our revenues not been subject to the franchise tax and had we not taken the recommended goodwill impairments, PhilWeb would have had better operating cash flows versus 2023 and we would have been in net income territory,” Araneta, who is married to Irene Marcos-Araneta, said in the stock exchange filing.
“The goodwill impairments allow us to remove non-performing assets from our books, and will provide us agility to better serve the gaming industry,” he added.
Core business growth
• PhilWeb generated P51.5 million in earnings from core operations and maintained positive cash flow after paying P38.7 million in franchise taxes.
• The company added 18 venues to its eGames network in 2024, even as some sites closed due to tighter local gaming rules.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
