MANILA, Philippines – DFNN Inc., a leading IT solutions provider, reported 671% growth in EBITDA (earnings before interest, taxes, depreciation and amortization) in the first half of 2022 ending June 30, according to a press release issued by the company.
This comes from an EBITDA reflecting a loss of P40. 4 million over the same period last year to increase this year to 230.7 million pesos — an increase of 271 million pesos, representing a growth of 671%.
Charting a sustained recovery path, DFNN posted revenue of ₱675.1 million in the first six months of this year, up from ₱268.9 million in the same period last year, a impressive increase of ₱406.2 million or 151.1%.
In June this year, DFNN signed a memorandum of understanding with Nautilus Data Technologies (Nautilus) to collaborate and assist each other in projects involving the development of a data center in the Freeport area of Bataan.
This collaboration was in line with DFNN’s goal of contributing to President Ferdinand Marcos Jr.’s vision to create a leading digital infrastructure that would be both sustainable and globally scalable to complement the government’s inclusive strategies for blow up the economy.
At the same time, the company strengthened its board of directors – led by Ramon Garcia Jr. as executive chairman – by appointing Steve Tsao, a finance veteran with extensive experience in IPOs, mergers and acquisitions, venture capital, and fintech.
Tsao’s expertise should complement the current composition of the board of directors in its objective to support growth and maximize opportunities in the technology sector for the benefit of the company’s shareholders.
Meanwhile, in the first six months of this year, DFNN’s net profit was £144.9 million for the first half of this year, an exceptional performance increase of 288.6% coming from a net loss of £76.9million in the same period last year.
This is a direct effect of the significant increase in operations across all of the company’s technology platforms as the government further eased COVID-10 related restrictions.
Over the same period, revenue from equity-based revenue generated by interactive technology platforms increased by 189.7%. Total revenue in this category was ₱617.4 million, compared to ₱213.1 million for the same period in 2021.
Meanwhile, revenue generated from the development and maintenance of software solutions during the six-month period this year was ₱44.7 million, a decrease of ₱1.1 million or 2 .4% compared to the same period last year.
Software and application license sales were ₱13.0 million, an increase of ₱3.0 million or 31.0% over the same period last year. The increase in revenue from foreign licensing revenue also reflects a positive response to global recovery efforts.
Consolidated costs and expenses were ₱464.4 million, an increase of ₱152.5 million or 48.9% over the same period last year.
This is due to increased costs associated with the company’s marketing strategies as well as the continuous improvement of its technology platforms and their implementation.
DFNN’s cash position remains liquid throughout the six-month period with consolidated cash and cash equivalents of ₱98.2 million with no significant long-term debt.
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