Higher expenses pull down Upson 2023 profit to P464.2M

MANILA, Philippines — Listed IT and computer equipment retailer Upson International Corp. booked a 13.7-percent decline in 2023 earnings to P464.2 million on higher preopening costs for its new stores despite delivering a record-high top line.

In a stock exchange filing on Monday, Upson said it opened 25 new stores last year, 12 of which were opened in the fourth quarter alone.

The company, which listed on the local bourse in April 2023, ended the year with 232 stores across the country.

Upson operates mall-based IT stores Octagon Computer Superstore, Gadget King and Micro Valley. It currently carries 115 tech brands in its portfolio, including Apple and Garmin.

READ: Upson International sees sustained growth, sets expansion

Operating expenses climbed by 9.5 percent to P1.7 billion owing to higher costs for warehouse network expansion.

Meanwhile, revenues reached P10 billion, up by 5.8 percent, buoyed by sales of mid-range laptops and printers.

Upson CEO Arlene Sy said in a statement that their company saw record-high revenues as they “increasingly reap the benefits from our expanding footprint.”

“This strong foundation is what we will build on this year. Our focus is on serving our customers better to unlock the full potential of the new stores and deliver sustainable and profitable growth,“ Sy added. INQ