PhilWeb Posts a P599.2 Million Net Loss in 2024

PhilWeb Corporation ended 2024 with revenues at P774.6 million, and reported a net loss of P599.2 million, attributed largely to one-time accounting impairments on goodwill of non-performing assets and VAT credits from the franchise tax implementation on the company’s revenues from gaming-related services.

“Had our revenues not been subject to the franchise tax and had we not taken the recommended goodwill impairments, PhilWeb would have had better operating cash flows versus 2023 and we would have been in net income territory.” mentioned PhilWeb’s chairman, Gregorio Ma. Araneta III. He also added, “The goodwill impairments allow us to remove non-performing assets from our books, and will provide us agility to better serve the gaming industry.”

​After franchise tax payments of P38.7 million, PhilWeb Corporation continued to generate positive operating cash flows to sustain its business operations, with P51.5 million in earnings. 18 venues were added to the company’s eGames network in 2024, despite site closures from tighter responsible gaming ordinances from certain local government units. Competition from the expansion of large integrated resort casinos into the company’s gaming venue markets, as well as the proliferation of PIGO service providers have also affected revenues.

Over the past year, Philweb has partnered with OKBet and OKSports to provide gaming and sportsbetting content to the eGames platforms. Other leading gaming content providers such as Jili and Evolution are also available. PhilWeb Corporation continues to supply software content, eBingo machinery and services to a network of 150 licensed gaming venues. PhilWeb also owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.