Belle Corporation, the gaming and upscale real estate unit of the SM Group, more than doubled its consolidated net income last year to P1.71 billion—130 percent higher than the P745 million registered in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues last year grew by 58 percent to P5.42 billion from P3.42 billion in 2021.
“We built on the opportunities presented given the improving COVID-19 situation in the Philippines and around the world and the full economic reopening to deliver stellar results and continue our shared recovery,” said Belle President and CEO Jackson Ongsip.
Belle said its Board of Directors has approved the declaration of a regular cash dividend of six centavos per share for a total dividend payment of P600 million payable on March 30, 2023 to shareholders of record as of March 15, 2023.
Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long- term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco).
In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila's gaming operations through the operating agreement between its 79.78 percent-owned subsidiary, Premium Leisure Corp. (PLC), and Melco.
Through Pacific Online Systems Corporation, Belle also provides technical and market expertise for the distribution of lottery products in the country in partnership with the state-run PCSO.
PLC reported a 12 percent improvement in consolidated net income to P1.26 billion last year from 2021’s P1.12 billion. Consolidated revenues rose 20 percent to P2.08 billion for 2022 from the previous year’s P1.73 billion.
Driven mainly by further re-opening and revitalized economic activities in 2022, the gaming revenue share of its wholly owned subsidiary Premium Leisure & Amusement, Inc. increased by 20 percent to P1.56 billion from P1.30 billion in 2021.
Pacific Online, which is 50.1 percent-owned by PLC, also delivered strong 2022 results, posting a 22 percent uptick in revenues amounting to P519 million from P426 million in 2021.
The solid 2022 results enabled PLC to declare a regular dividend of P0.05024 per share payable on March 28, 2023 to shareholders of record as of March 15, 2023.
Pacific Online’s Board of Directors also approved the declaration of a regular cash dividend of ten centavos per share for a total dividend payment of P89.5 million payable on March 28, 2023 to shareholders of record as of March 15, 2023.
In 2022, the Company delivered strong results as it achieved P191 million in net income after incurring losses for the past three years.