Xurpas profit increases 33% in 2016
MOBILE TECHNOLOGY firm Xurpas, Inc. reported its profit jumped by a third in 2016, driven by strong growth of its mobile consumer and enterprise units.
In a disclosure to the stock exchange, Xurpas said its net income grew by 33% to P304.9 million in 2016 from P229.6 million in the prior year.
The listed company’s revenues doubled to P1.97 billion last year from P921.2 million in 2015.
“Vigorous growth across both its core Mobile Consumer and Enterprise units, particularly in Q4 of 2016 — the firm’s strongest quarter to date — drove the company’s robust performance,” Xurpas said.
Revenues from its mobile consumer services unit surged 115% to P1.24 billion in 2016, from P576 million in the prior year. The unit, which comprises the core mobile games business and Art of Click, accounted for 63% of Xurpas’ total revenues.
Xurpas had acquired Art of Click, a Singapore-based mobile advertising network in October 2016, in a bid to expand its consumer business.
Enterprise services, which contributed 33% to the firm’s earnings, saw revenues soar 168% to reach P653.1 million in 2016 from P243.5 million in 2015.
“2016 was a critical and exciting year for Xurpas, as we continue our evolution from being a product- focused company to a platform strategy and we look forward to continuing to execute our plans in 2017,” Xurpas Chairman and Chief Executive Officer Jose Nico S. Nolledo was quoted as saying in the disclosure.
Since its maiden share sale in December 2014, Xurpas has invested in several companies.
It has full control of the designs mobile and Internet systems Fluxion. The firm directly maintains a 51% stake in Storm Flex Systems, Inc.; 51% in Yondu, Inc.; 49% in PT Sembilan Digital Investama; 31.52% in MatchMe Pte. Ltd.; 70% in Seer Technologies, Inc.; 21.78% in Altitude Games, Pte. Ltd.; 21.17% in Altitude Games, Inc.; 4.22% in Zowdow, Inc. formerly Quick. ly, Inc.; and 23.53% in Micro Benefits Ltd.
Shares in Xurpas were up by 8.24% or 77 centavos on Tuesday to close at P10.12. —