DFNN reverts to income as COVID-19 curbs eased

MANILA, Philippines — Publicly listed technology firm DFNN earned P145 million in the first six months of the year, a turnaround from a net loss of P77 million in the same period last year, the company said in a statement.

“This is a direct effect of the significant increase in the operations of all the company’s technology platforms as more COVID restrictions were eased by the government,” DFNN said.

Revenue growth more than doubled to P406.2 million from P268.9 million last year.

It said revenue from share-based income generated from interactive technology platforms increased by 189.7 percent to P617.4 million compared to P213.1 million for the same period in 2021.

Meanwhile, revenue generated from the development and maintenance of software solutions during the six-month period amounted to P44.7 million, a decrease of 2.4 percent compared to the same period last year.

Sales of software and application licenses amounted to P13 million, higher by 31 percent compared to the same period last year.

The increase in revenue from foreign license income also positively responded to global economic recovery efforts, DFNN said.

Consolidated cost and expenses amounted to P464.4 million, an increase of 48.9 percent compared to the same period last year.

“This is attributable to the increase in costs associated with the company’s marketing strategies as well as continued improvement of its technology platforms and implementation,” DFNN said.

The company’s cash position remains liquid throughout the six-month period, with consolidated cash and cash equivalents amounting to P98.2 million with no significant long-term debt, it reported.

The firm recently bolstered its board of directors with the appointment of Steve Tsao, a veteran in finance with a wide range of experience in initial public offerings, mergers and acquisitions, venture capital, and fintech.

In June, DFNN and Nautilus Data Technologies signed a memorandum of understanding to collaborate and jointly assist each other in projects involving the development of a data center in the Freeport Area of Bataan.

The collaboration is in line with DFNN’s goal of contributing to President Marcos’ vision of creating a leading digital infrastructure that is both sustainable and globally scalable to complement the government’s inclusive strategies to leapfrog the Philippine economy.