Upson posts 33% higher income
LISTED information technology retailer Upson International Corp. booked a net income of P537.86 million in 2022, higher by 33.3% than the P403.64 million reported in the previous year, the company said on Monday.
“Our financial performance is a testament to our commitment to be the shopping gateway to technology. This commitment shall be our legacy contribution to support the digital transformation of our country,” Upson President and Chief Executive Officer Arlene Louisa T. Sy said in a disclosure.
“This is why we are continuously expanding our retail footprint nationwide, along with warehouses and logistics operations, to reach underserved markets,” Ms. Sy added.
The newly listed company reported that its revenues grew by 10.4% to P9.46 billion from P8.57 a year prior.
It said a significant driver of its financial growth in 2022 was the expansion of its retail branch network, which added 24 to the existing 183 branches in 2021.
The company operates 207 branches nationwide with a total of six warehouses located in Manila, Cebu, Cagayan de Oro, and Davao City as of December 2022.
Proceeds from the company’s recent initial public offering will be used to expand its store locations, aiming at 250 stores from 2023 to 2027 or an additional retail space of 25,000 square meters.
This year, it plans to open 50 stores within the National Capital Region and other key cities in the country.
Upson shares declined by 1.65% or four centavos to finish at P2.39 each on Monday. — Adrian H. Halili
