PhilWeb income rises 20% to P1.1B

MANILA, Philippines - Ongpin-led gaming solutions provider PhilWeb Corp. is turning over more than P14 million to its shareholders as dividends.

In a statement, PhilWeb said its board of directors declared a cash dividend of P0.10 per share.

“The dividend is payable to all stockholders on record as of March 5, and will be paid out on March 15, 2013,” PhilWeb said.

PhilWeb allotted P14.37 million to pay dividends to owners of the company’s 1.43 billion shares.

“PhilWeb has been paying dividends since 2010, when it declared a P0.10 dividend for the first time in its history,” the company said.

In 2011, the listed firm distributed two dividends for a total of P0.20. The dividend cash payout further increased in 2012 when a total of P0.30 was paid out plus an additional 20 percent stock dividend.

Earnings of the gaming solutions provider breached the P1 billion level last year on the back of better operations in Southeast Asia.

Net income surged 20 percent to P1.1 billion last year as revenues jumped 27 percent to P1.5 billion from a year ago.

The fastest growth came from PhilWeb’s Asia Pacific unit that operates a scratch card businesses in Cambodia and Timor Leste, and a Sweeps Center in Guam.

In the Philippines, PhilWeb’s e-Games cafe business hit 277 outlets last year.

PhilWeb is controlled by former Trade Minister Roberto B. Ongpin. Its products include the text raffle Premyo Sa Resibo and Home Play, the only peso-based online casino of Pagcor.

PhilWeb is the first and largest Internet gaming company in the country with a total market capitalization of P20 billion. It currently serves over 40,000 customers a day via its network of online cafés, sports betting kiosks and mobile games nationwide.