Newly-listed Upson International Corp. said Monday it booked a net income of P403.64 million in 2022, up 33.2 percent year-on-year on the back of a double-digit growth in sales.
Upson said in a stock exchange filing revenues went up by 10.4 percent to P9.46 billion in 2022 from P8.57 billion in 2021 on strong demand for personal computers and information technology products.
Upson is the largest tech retailer which operates map-based stores including Octagon Computer Superstore, Micro Valley and Gadget King as well as concept and specialty stores like Acer, HP, Brother, Silvertec and Octagon Mobile in select locations.
“Our financial performance is a testament to our commitment to be the shopping gateway to technology,” Upson president and chief executive Arlene Sy said.
“This is why we are continuously expanding our retail footprint nationwide, along with warehouses and logistics operations, to reach underserved markets,” Sy said.
Upson opened 24 new stores to end 2022 with 207 branches nationwide and a total of six warehouses in Manila, Cebu, Cagayan De Oro and Davao City.
It plans to open 250 new stores or an additional 25,000 square meters of retail space between 2023 and 2027. It also plans to add more warehouses and distribution facilities to support retail network expansion.
Upson was listed in the main board of the Philippine Stock Exchange early this month where it raised P1.65 billion to fund store network expansion.