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PhilWeb posts PHP64.2 million third-quarter profit as revenue more than doubles
The Philippine gaming services provider reported PHP443.0 million in revenue, with digital solutions accounting for 63.5 percent of the total.
PhilWeb Corp reported a PHP64.2 million profit for the third quarter, reversing a year-earlier loss as revenue more than doubled at the Philippine online gaming services provider.
Revenue for the three months to September 30 rose 152.9 percent year-on-year to PHP443.0 million (US$6.9 million), GGRAsia reported, citing the Philippines-listed company's quarterly filing. PhilWeb had recorded a PHP19.2 million net loss in the same quarter a year earlier.
Compared with the second quarter, net income increased 36.5 percent and revenue rose 25.7 percent. The company's digital solutions business drove the year-on-year revenue growth.
Digital solutions contributed PHP281.3 million, or 63.5 percent of group revenue, after generating no revenue in the prior-year quarter. The segment's revenue increased 40.5 percent from the preceding three months.
The business supplies licensed operators with online gaming platform technology, systems integration, content distribution and operational support. PhilWeb president Brian Ng told GGRAsia in April that the group was moving toward an online-led business-to-business model.
The venue-based business generated PHP161.6 million, down 7.7 percent year-on-year. That included PHP82.1 million in service provider share income and PHP79.5 million in operator share income.
Group costs and expenses nearly doubled to PHP378.9 million. Operating income was approximately PHP64.1 million, compared with a PHP14.5 million operating loss a year earlier. EBITDA rose to PHP68.4 million from PHP2.0 million.
For the nine months to September 30, revenue increased 92.7 percent to just under PHP1.03 billion. Net income was PHP125.2 million, compared with a PHP61.0 million loss a year earlier.
Cash reached PHP2.22 billion at the end of September, up from PHP63.3 million at the end of 2025. PhilWeb attributed the increase mainly to proceeds from share issuances and cash generated from operations.
After the quarter, PhilWeb completed the sale of its remaining treasury common shares to JKS Tech Solutions Inc on October 30. The sale formed part of a cross-investment agreement under which PhilWeb agreed to invest nearly PHP4.23 billion for a 30-percent stake in the gaming technology company.