Biz Memos

DFNN Group grows revenue in 2022 by 69%, EBITDA by 190.7% from 2021

DFNN Group grows revenue in 2022 by 69%, EBITDA by 190.7% from 2021
DFNN enjoyed extraordinary development in all facets of its business in 2022.

MANILA, Philippines — Enjoying extraordinary development in all facets of its business in 2022, DFNN Group recorded total sales of P905.8 million, an increase of P369.7 million or 69.0% over the previous year.

EBITDA was a healthy P237.5 million, as opposed to the prior year’s loss before interest, taxes, depreciation and amortization of P252.2 million.

The company’s successful equity restructure, along with the continuous increase in sales and the launch of numerous tailored interactive technology platforms are all responsible for this tremendous turnaround.

Earnings report

With revenue targets effectively met, the Group ended the year strong with a total revenue for the year ended Dec. 31, 2022, amounting to P905.8 million compared to P536.1 million in 2021, an increase of P369.7 million or 69.0% growth rate, year-on-year.

EBITDA amounted to a robust P228.7 million versus a loss before interest, taxes, depreciation and amortization of P252.2 million year-on-year, resulting to a solid growth rate of 190.7%.

Gross profit stood at P586.6 million versus P135.5 million year-on-year, posting an impressive 333.1% growth rate. Net income amounted to P73.9 million for the period ending Dec. 31, 2022, sustaining a growth of 117.3%, year-on-year.

This a direct effect of the significant increase in the sales and operations of all the company’s business streams.

Revenue from share-based income generated from interactive operations increased by 69.4%, year-on-year. Total revenue in this category amounted to P698.6 million compared to P412.4 million year-on-year.

This impressive increase in commission income is attributable to a steady surge in sales and the introduction of various customized interactive technology platforms.

Revenue generated from the development and maintenance of software solutions also posted steady growth amounting to P188 million, an increase of P80.5 million from P107.5 million or 74.9%, year-on-year.

Sales of software and application licenses amounted to P19.2 million, presenting an increase of P2.9 million or 18.1%, year-on-year. The increase in revenue is due to the increase in foreign license revenue.

All areas of the DFNN Group’s business continue to exhibit robust growth trends amid the residual effects of Covid as experienced by any other company and compounded by the challenging high inflationary environment.

As efforts to further operational efficiencies to lower costs are implemented, consolidated cost and expenses decreased by P89.8 million or 10.2% year-on-year, amounting to P792.9 million compared to P882.8 million in 2021.

Despite the lingering effects of Covid and the difficult high inflationary environment, the DFNN Group’s business showed strong growth trends in all areas.

The organization’s outstanding performance is evidence of its tenacity and unwavering dedication to excellence. DFNN is prepared to seize the opportunities that lay ahead and is upbeat about the future.

The company is well-positioned to pursue its growth plans and achieve even greater success in the years to come with a consolidated cash and cash equivalent of P99.2 million and no significant long-term debt.

As it continues to strive to constantly grow in the highly dynamic digital platforms and artificial intelligence (AI) industry, DFNN will further implement the strengths of its core competencies working with the latest Philippine laws, which allow companies seamless implementation of their fintech, blockchain, quantum computing and AI technologies.

The Group and its partners envision to be leading propagators and use its cutting-edge capabilities to assist in laying down the foundation for a robust digital economy.

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