Revenues for the period soared 263 percent to ₱32.5 billion, driven by strong digital retail performance and new game offerings.
The company’s income was further surged after state-run Philippine Amusement and Gaming Corp. cut the gross gaming revenue remittance rate for online and on-site betting platforms by an average of five percent starting April 1, 2024.
This was to align with global standards and attract more legal gaming investments, said Pagcor chair and CEO Alejandro Tengco.
Management’s view
“The first semester was encouraging for DigiPlus. Despite the challenges, we strive to continue to innovate and deliver unparalleled digital entertainment experiences to our customers,” DigiPlus chair and business tycoon Eusebio Tanco said in a statement on Friday.
“By optimizing user engagement through personalized experiences and diversifying our content offerings, we believe we are poised to capture the strong growth of the digital entertainment industry,” he added.
Stock market darling
Surging gaming revenues have made DigiPlus one of the hottest stocks in 2024.
Following the release of its quarterly earnings, shares rose 0.56 percent to P17.88 per share. The company’s valuation has soared about 120 percent since the start of the year, raising its market capitalization to nearly P79 billion as of Friday afternoon.
2nd quarter performance
In the second quarter alone, DigiPlus earned ₱3.2 billion, up 389 percent, with revenues jumping 295 percent to ₱18.9 billion.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also surged, reaching ₱5.5 billion for the first half, a 336 percent rise, with ₱3.4 billion of that coming from the second quarter.
