DigiPlus reports Q2 2024 earnings surge amidst robust digital growth?

Jenny Ortiz August 12, 2024

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DigiPlus reports Q2 2024 earnings surge amidst robust digital growth?

DigiPlus Interactive Corp. (DigiPlus), an entertainment group in the Philippines, announced its second-quarter net income reached PHP3.2 billion (€51 million), representing a 389 percent increase from the same period last year. ?

In its press release, DigiPlus attributed this growth to the strong performance of its digital retail segment and a revised revenue-sharing agreement with the Philippine Amusement and Gaming Corporation (PAGCOR) for electronic games, effective from April 2024. Revenues for the second quarter of 2024 skyrocketed by 295 percent year-on-year to PHP18.9 billion (€301 million), fuelled by increased user traffic and new game offerings. The company’s EBITDA also surged, rising 351 percent from a year ago to PHP3.4 billion (€54.2 million).

H1 2024 results highlight sustained growth?

For the first half of 2024, DigiPlus reported a net income of PHP5.2 billion (€82.9 million), a 377 percent increase from the PHP1.1 billion (€17.5 million) reported in the first half of 2023. Revenues also grew significantly, climbing 263 percent to PHP32.5 billion (€518.7 million). The company’s EBITDA reached PHP5.5 billion (€87.8 million), marking a 336 percent rise from the previous year.

DigiPlus Chairman Eusebio Tanco expressed optimism about the company’s trajectory, stating, “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. By optimising user engagement through personalised experiences and diversifying our content offerings, we believe we are poised to capture the strong growth of the digital entertainment industry.”

In addition to its financial success, DigiPlus demonstrated its commitment to economic growth and social development in the Philippines. The company paid PHP15.1 billion (€241 million) in taxes and fees to the national government in the first half of 2024 and employed over 3,300 people nationwide.?

Through its corporate social responsibility arm, BingoPlus Foundation, DigiPlus has made contributions to various community initiatives. The Foundation increased its outreach budget by 500 percent, allocating over PHP100 million (€1.6 million) to support communities and promote responsible gaming practices.??

Company’s outlook?

Looking ahead, DigiPlus said it remains focused on maintaining its growth momentum while continuing to innovate in the digital entertainment sector. Despite potential challenges, the company is confident in its ability to lead the industry and contribute positively to the nation’s development.