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i-REMIT
Inc., the nation’s largest non-bank money transfer
company, reported a 230-percent jump in net income for
the third quarter to P38.35 million versus P11.62
million a year earlier on the back of higher revenues of
P154.8 million.
Net
profit in the nine-month period was higher at P78.24
million from P27.8 million last year as sales improved
47 percent to P353.51 million.
In a
report to the stock exchange, i-Remit stated the
improved revenue was mainly due to a 37.43-percent rise
in transaction count and a 35.4-percent increase in US
dollar remittance volume.
Of the
total transaction count this year, the percentage
contributions per region were as follows: Asia-Pacific,
42.5 percent;
Middle East, 23 percent;
North
America, 15 percent; Europe, 11.5 percent; and domestic
sales, 8 percent.
In terms
of US dollar remittance volume, the biggest chunk came
from Asia-Pacific, 33.4 percent; Europe, 18.5 percent;
North America 26.6 percent; Middle East, 17.5 percent;
and domestic sales, 14 percent.
i-Remit,
controlled by the Tiu family, who likewise holds
majority stake in TKC Steel, became a publicly-traded
company in October.
Harris
Jacildo, president of i-Remit said they are expanding
their presence in Australia and Hong Kong this year and
to be followed by Austria, US, Macau and New Zealand in
2008. Operations in the Philippines will also be
augmented next year until 2012.
With the
expansion, he said the company is expected to end 2007
with a net income of P100 million from P42 million a
year earlier.
At
present, the company enjoys a five-percent industry
(bank and non-bank) market share of total OFW
transactions. In the next five years, Jacildo said their
goal is to raise their share of the pie to 12 percent.
OFW
remittances during the first nine months of the year
reached $10.5 billion. Yearly remittances may reach $25
billion in five years, he said. |
