Raymond Garcia’s DFNN sustains growth; books P145M profit in H1 as mobility restrictions ease

Gaming technology provider DFNN of techpreneur Raymond Garcia remained on upward trajectory, posting a net income of P144.9 million in the six months through June or a reversal of the P76.9 million loss incurred in the same period a year ago.

As restrictions continue to ease, DFNN’s revenues more than doubled to ₱675.1 million, from ₱268.9 million last year.

DFNN also swung to an EBITDA of P230.7 million versus a loss before interest, taxes, depreciation and amortization of ₱40.4 million.

The company attributed its strong performance to the significant increase in the operations of all its technology platforms as more COVID restrictions eased.

Meanwhile, revenue generated from the development and maintenance of software solutions decreased by 2.4 percent to to ₱44.7 million.

Sales of software and application licenses jumped 31 percent to ₱13 million.

DFNN ended June with consolidated cash and cash equivalents amounting to ₱98.2 million and no significant long-term debt.

To ensure continued growth, DFNN bolstered its board of directors with the appointment of Steve Tsao, a veteran in finance with a wide range of experience in initial public offerings, mergers and acquisitions, venture capital and fintech.