Premium Leisure Corp. (PLC) Board of Directors for 2023-2024 recently began serving their respective terms of office.
Elected to the Board during PLC’s hybrid Annual Stockholders’ Meeting held on April 24, 2023 were Willy Ocier, Chairman; Armin Antonio Raquel Santos, Director; Exequiel Villacorta, Jr., Director; and Independent Directors Laurito Serrano, Maria Gracia Pulido Tan, Jerry Tiu and Roberto Antonio.
At the hybrid meeting, Mr. Raquel Santos, PLC President and Chief Executive Officer, announced the payment in full of cash dividend of 5 centavos per share on March 28, 2023 due to the “Company’s strong 2022 results.”
The full text of Mr. Raquel Santos’ report can be read below:
Good morning and thank you for joining Premium Leisure Corp.’s 2023 Annual Stockholders’ Meeting.
In 2022, PLC’s operations were in full swing, which allowed the Company to continue recovering and post better results for two years in a row. We delivered Php2.1B in consolidated revenues, a 20% improvement from 2021’s Php1.7B.
PLC’s higher revenues was mainly due to more robust economic activities in 2022. The improving COVID-19 pandemic situation in the country bodes well for the Company as demand for our businesses gradually returned. Because of these factors, our wholly owned subsidiary PremiumLeisure and Amusement, Inc. saw an increase in its gaming revenue share to Php1.6B, also up by 20% from the Php1.3B posted in 2021. Meanwhile, Pacific Online Systems Corporation’s equipment lease rental income jumped by 22% to Php519M from Php426M in 2021. This was achieved despite the cancellation of KENO operations effective April 1, 2022.
We carried on our cost efficiency measures throughout the year in view of the continuing effects of the pandemic. PLC decreased its costs and expenses by Php21M or 2% from Php964M to Php947M. Our combined efforts to increase revenues and tighten control over costs resulted in PLC achieving Php1.3B in net income for 2022, a 12% increase from its net income of Php1.1B in 2021.
Another indicator of our continued recovery is PLC’s Operating EBITDA last year, which came in at Php1.4B, up by Php260M or 23% from Php1.1B in 2021.
Our Company’s strong 2022 results allowed us to pay in full a cash dividend of 5 centavos per share on March 28, 2023. This marks our Company’s 7th consecutive year of paying dividends in line with our efforts to enhance shareholder value.
PLC’s strong partnership with Melco Resorts and Entertainment (Philippines) Corporation, the operator of City of Dreams Manila, was key in maintaining our profitability despite the effects of the pandemic on the economy.
Meanwhile, it is full speed ahead for PinoyLotto, the joint venture of our majority owned subsidiary Pacific Online with their partners Philippine Gaming Management Corporation (PGMC) and International Lottery & Totalizator Systems, Inc. (ITLSI) for the commencement of nationwide lottery operations in the fourth quarter of 2023, which was awarded by the Philippine Charity Sweepstakes Office’s (PCSO).
Post-pandemic, the gaming and entertainment industry is almost fully recovered based on pronouncements made by the Philippine Amusement and Gaming Corporation (PAGCOR) and PLC, holding true to its mandate, is focusing on finding other high growth investment opportunities in other gaming spaces whether within the Entertainment City or outside of Metro Manila.
We are once again committing to solidify our fiscal position, continue issuing dividends and enhance shareholder value. PLC is also keen on giving back to our host communities and supporting our advocacies through the Melco Foundation and our parent firm’s corporate social responsibility arm, Belle Kaagapay. You can also count on us to uphold good governance practices and keep on producing results that are aboveboard.
On behalf of Premium Leisure Corp., I would like to thank our highly respected Board of Directors for their guidance, our loyal and passionate employees for their consistent performance, and our valued shareholders for their support throughout the years.
Thank you very much.