LISTED mobile technology firm Xurpas Inc. said its net income in 2016 rose 33 percent year-on-year to P304.9 million, driven by higher revenues in both its mobile consumer and enterprise business units.
In a statement on Tuesday, Xurpas said revenues more than doubled to P1.97 billion in 2016 versus the P921.2 million posted in the previous year.
The company said this was driven by robust growth across both its mobile consumer and enterprise segments, especially in the fourth quarter of 2016, which was the company’s strongest quarter to date.
Gross profit in 2016 was 55 percent higher at P829.3 million, with gross margins remaining healthy at 42 percent.
Nearly two-thirds or 63 percent of revenues came from its mobile consumer services business, doubling sales stream to P1.24 billion from P576 million the year before. This was due to the strong performance of its core mobile games business and Art of Click, a Singapore-based mobile advertising network that Xurpas acquired in October 6 last year.
Enterprise Services, which contributed 33 percent of revenues, saw earnings balloon by 168 percent to P653.1 million from 2015’s P243.5 million.
“2016 was a critical and exciting year for Xurpas, as we continue our evolution from being a product-focused company to a platform-centric one. Our strong full year results are a validation of our long-term platform strategy and we look forward to continuing to execute our plans in 2017,” said Xurpas Chairman and Chief Executive Officer Nix Nolledo.
The company’s celebrity mobile game operator Xeleb Technologies Inc. is targeting to list on the Philippine Stock Exchange through an initial public offering this year.
Xurpas creates and develops digital products and services for mobile end-users and manages proprietary platforms for mobile operators. It has two business segments: mobile consumer gaming and enterprise services.