PhilWeb Corp., a prominent gaming company owned by bilyonaryo Greggy Araneta, has finally turned a corner in 2022, emerging from years of financial struggles to report a net income of P27.3 million.
This is a significant turnaround from the P52.2 million net loss it suffered in 2021.
The company also witnessed a significant year-on-year increase of 175 percent in EBITDA to P129.6 million, thanks to an improvement in revenue.
PhilWeb’s top line saw an impressive growth of 51.2 percent, with revenue climbing from P537.8 million in 2021 to P812.9 million.
The surge was primarily due to the full operating capacity of eGames and eBingo sites, the full year impact of the consolidation of acquired eBingo sites and eBingo machine providers in March 2021, and the contribution of the eGames remote gaming platform.