iRemit income nearly triples to P78.2M in 1st 9 months

I-Remit Inc., the country’s largest Filipino-owned non-bank remittance company,  said its net income nearly tripled the first nine months of the year to P78.2 million from only P28.3 million in the same period a year ago on the back of higher remittance volume.

In a statement, iRemit said revenues rose 43.5 percent from P197.8 million to P283.8 million.

“The strong growth in revenues was fueled by a 36-percent increase in remittance volume to $537 million. In addition, net income margins almost doubled to 27.5 percent as further economies of scale were realized from the existing international and domestic network,” said iRemit president Harris Jacildo.

With proceeds from the recent sale of its shares through an initial public offering, iRemit is stepping up its expansion plans as it seeks to more than double its net profit this year.

“We look to accelerate this growth starting in the fourth quarter, which is traditionally the best performing quarter of the year,” Jacildo said.

“In 2008, we will maintain this growth momentum for the benefit of our shareholders which will soon include the public,” said Jacildo.

iRemit sold to the public a total of 140.6 million shares at P4.68 per share, raising about P658 million, which the company plans to use to bankroll its expansion in existing and new markets and pay off short-term debts.

Listing of the company’s shares is set tomorrow, Oct. 17.

Since its inception in 2001, iRemit has rapidly grown to become a leading remittance company. It currently has operations in 24 countries across North America, Europe, Australia, Asia, the Pacific Isles, and the Middle East, with 365 outlets, associates and agents worldwide, and more than 2,100 pay-out stations throughout the Philippines.

In a span of six years, iRemit had a compounded average annual growth rate of 53 percent in terms of revenue. And it is projecting an all-time high growth rate this year, making it the fastest growing Filipino-owned non-bank remittance company in the

Philippines currently servicing more than 700,000 overseas Filipino workers worldwide.

This year, iRemit established new offices and tie-ups in New Zealand, Malaysia, and Austria.  In the last quarter of 2007, two additional  offices will be opened in Australia and operations will be set-up in the new markets of Macau and Nevada, USA.