Upson 2022 profit jumps 33%
MANILA -Newly-listed Upson International Corp., the country’s biggest retailer of computers and IT equipment, said profits in 2022 jumped by a third after the company widened its branch network to more than 200 stores nationwide.
Upson said in a statement on Monday net income last year rose by more than 33 percent to P537.86 million. Revenues were up 10.4 percent to P9.46 billion.
It said the opening of new stores was a “significant driver” of growth in 2022.
It rolled out 24 new branches, expanding its store count by some 10 percent to 207 outlets.
“Our financial performance is a testament to our commitment to be the shopping gateway to technology,” Upson president and CEO Arlene Sy said in a statement.
Upson is the operator of mall-based shops such as Octagon Computer Superstore, Micro Valley, and Gadget King. Last month, it raised P1.65 billion to help expand its network of roughly 200 outlets over the next four years.
The company also plans to build nine new warehouses and distribution facilities, which will be located in Manila, Cabanatuan, Dagupan, Naga, Iloilo, Bacolod, General Santos, Zamboanga and Palawan. It said locations in Cabanatuan, Naga, Dagupan and Manila had already been secured.
For this year, Upson aims to open 50 stores within Metro Manila and key cities in Luzon, Visayas, and Mindanao.
“This commitment shall be our legacy contribution to support the digital transformation of our country. This is why we are continuously expanding our retail footprint nationwide, along with warehouses and logistics operations, to reach underserved markets,” Sy said.
Data from third party research outlet Center for Research and Communication showed that Upson was the country’s biggest consumer electronics retailer in 2020 in terms of store count and revenues.
The company began as a distributor of Logitech and Canon products before the Asian Financial Crisis in 1997 forced it to revamp its business model and enter the retailing segment.