Xurpas' net income up 33% to P304.9 million for 2016
MANILA, Philippines – Listed mobile technology firm Xurpas Incorporated ended 2016 as its strongest year ever, riding on a surge of consumer and business interest in digital technology.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, March 28, Xurpas reported a full year 2016 net income of P304.9 million, a gain of 33% compared to the P229.6 million it recorded in 2015.
Its revenues for the year more than doubled – by P1.05 billion or 114% – to hit a total of P1.97 billion compared to the P921.2 million in the previous year.
The firm saw particularly strong results in Q4 of last year, its strongest quarter to date, with an increase of 55% in gross profit at P829.3 million and gross margins at 42%.
Q4 also incorporated revenue for the first time from its October acquisition of Singapore-based Mobile Advertising Network Art of the Click.
The majority of the firm’s 2016 revenue came from its consumer mobile business, which more than doubled in 2016 to settle at P1.24 billion, compared to P576.0 million in 2015.
The consumer segment is comprised of Xurpas’ core mobile games business as well as Art of the Click, accounting for 63% of the firm’s total revenue. The firm is also at work developing a local digital distribution platform for its mobile games and services.
Xurpas’ enterprise, or B2B-focused segment, also saw a 168% increase in revenues to bring in P653.1 million for 2016, compared to P243.5 million the year before.
“2016 was a critical and exciting year for Xurpas, as we continue our evolution from a product-focused company to a platform-centric one,” said Xurpas Chairman and CEO Nix Nolledo. – Rappler.com
Editor’s note: Nix Nolledo is a member of Rappler’s board