DFNN net income more than doubled in ’22 to P73.9M

MANILA  -The DFNN Group more than doubled its net income last year, thanks to robust revenue growth in maintenance and sale of software solutions at a time of heightened digitalization.

In a statement on Thursday, the listed company reported that its net income climbed by 117 percent to P73.9 million in 2022 as total sales surged by 69 percent to P905.8 million.

Earnings before interest, tax, depreciation and amortization amounted to P237.5 million last year, a turnaround from losses of P252.2 million in 2021.

Revenues from development and maintenance of software solutions soared by 75 percent to P188 million while sales of software and police ion licenses improved by 18 percent to P19.2 million.

“All areas of the DFNN Group’s business continue to exhibit robust growth trends amid the residual effects of [COVID-19] as experienced by any other company and compounded by the challenging high inflationary environment,” the listed company said.

Consolidated cost and expenses dropped by 10 percent to P792.9 million because of “operational efficiencies to lower costs.”

“DFNN will further implement the strengths of its core competencies working with the latest Philippine laws which allow companies’ seamless implementation of its fintech, blockchain, quantum computing and AI technologies,” DFNN said.