Xurpas nets P103M

XURPAS CEO Nix Nolledo (left) with Jose Vicente Colayco, chief business development officer; Fernando Jude Garcia, chief technology officer; Alfonso Antonio Tagaysay, chief marketing officer; and Raymond Gerard Racaza, chief operating officer

Technology firm Xurpas Inc. grew its net profit in the first quarter by 51 percent year-on-year to P103.24 million as revenues doubled, led by the strong growth of the consumer segment.

Excluding non-recurring items, Xurpas’ core net income in the first quarter rose by 49 percent to P104.01 million while cash flow increased by 29 percent to P140.27 million, the company said in a regulatory filing.

Total revenues increased by 115 percent year-on-year to P752.08 million during the first quarter.

Xurpas’ consumer segment grew its business by 182 percent year-on-year compared to
the same period in 2016.

The mobile consumer segment remained as the largest growth driver, contributing 77 percent of total revenues for first quarter. In the past 12 months, Xurpas launched 10 new mobile casual games.

Xurpas was also able to consolidate the service offerings of its latest acquisition, Art of Click Pte. Ltd. Enterprise services grew by 16 percent to P160.31 million in the first quarter, while other services related to its human resources (HR) technology solutions improved by around 99 percent year-on-year to P10.32 million in the same period.

Apart from the new game titles launched by Xurpas’ mobile consumer division, the company said its enterprise business and HR technology services also gained ground in 2017.

Subsidiary Storm Technologies Inc. enrolled more than 100,000 employees under its various HR platforms, representing some of the top corporations in the Philippines while Xurpas Enterprise Inc. recently secured contracts with enterprise clients such as Aboitiz Equity Ventures and the Lhuillier Group.

“We are currently working on becoming a platform technology company, evolving from being a product and services-oriented one. This transformation will not happen overnight,” said Nix Nolledo, chair and chief executive officer of Xurpas.

“For 2017, we are ready for the next stage of growth and we are excited to see the seeds that we planted through our acquisitions and investments for the past two years to translate into the platforms we are building,” added Nolledo.