Below is the full text of the report of Armin Antonio Raquel Santos, Premium Leisure Corp. (PLC), President and Chief Executive Officer, as presented during PLC's virtual Annual Stockholders' Meeting held on April 29, 2022:
Good morning and thank you for joining Premium Leisure Corp.’s (PLC) 2022 Annual Stockholders’ Meeting.
PLC recovered significantly in 2021 with our top line and bottom line numbers up year on year. Our Company achieved Php1,7 billion in consolidated revenues, up by Php763.0 million or 79% from 2020. Our rebound in revenues was primarily due to more robust economic activities in 2021 despite the continuing effects of the COVID-19 pandemic to the Philippines and the rest of the world.
Because of the easing of restrictions and gradual economic re-opening, the gaming revenue share of our wholly owned subsidiary PremiumLeisure and Amusement Inc. (PLAI) increased by 105% to Php1.3 billion from Php635 million in 2020, while Pacific Online Systems Corporation’s (Pacific Online) equipment lease rental income and commission and distribution were higher by 30% to Php426 million from Php328 million in 2020.
Our streamlining measures across the Group resulted in the decrease of costs and expenses by Php734 million or 43% for the period as part of our pandemic response.
The combination of better revenues and lower costs allowed PLC to post Php1.12 billion in net income for 2021, increasing by more than 200% over our 2020 net income of Php324 million. Furthermore, our Operating EBITDA for 2021 is at Php1 billion, a turnaround from a negative EBITDA of Php496 million in 2020. Last year, we continued to collaborate with our partner in City of Dreams Manila, Melco Resorts and Entertainment (Philippines) Corporation, in bringing our business back towards profitability amid the lockdowns and operational limitations while ensuring the continued safety and protection of all our stakeholders.
Meanwhile, on September 6, 2021, our majority owned subsidiary Pacific Online won the bid for the Philippine Charity Sweepstakes Office’s Customized Lottery System in partnership with Philippine Gaming Management Corporation and International Lottery & Totalizator Systems, Inc. Pacific Online holds a 50% stake in the joint venture incorporated as PinoyLotto Technologies Corp. or PinoyLotto. With our renewed partnership with the PCSO, PinoyLotto will be a steady source of recurring income, thereby benefiting PLC stockholders in the years to come.
As the pandemic continues to affect the gaming and entertainment industry, PLC is focused on streamlining operations, prudent financial management and finding investment opportunities to improve profitability, continue paying out dividends and enhance shareholder value.
We are affirming our commitment to responsible corporate citizenship through the Melco Resorts (Philippines) Foundation Corporation, the charitable arm of City of Dreams Manila, and Belle Kaagapay in doing good and giving back to our host communities.
The Foundation funded and built a state-of-the-art Presidential Security Group Station Hospital, a project of the Department of National Defense and the PSG with the support of PAGCOR, which was inaugurated on November 10, 2021 by President Rodrigo Duterte.
On behalf of Premium Leisure Corp., we wish to express our gratitude to our Board of Directors for their leadership and wisdom, to our hard working and dedicated employees for their passion and excellence, and to our valued shareholders for your loyalty and unwavering trust. With your help, together with our many stakeholders, we will pursue our goal to become a truly sustainable company.
We highly appreciate your support.
Thank you. Good morning.