Upson International Corp. on Monday said it posted a profit of P464.2 million in 2023, lower by 13 percent from the previous year’s P537.89 million.
Revenues reached P10 billion, up 5 percent from P9.45 billion. The company said that growth was fueled by revenues from new stores which have operated for less than one year.
“Comparable sales from existing stores increased 1 percent,” it said. “By product category, computers were the primary driver of the increase led by mid-range laptops. Printing and communication also contributed positively, partly offset by decreases in sales of storage and components.”
The company also said that markets remained “broadly stable” with Visayas posting the fastest growth, followed by North Mindanao.
“The year 2023 was a year of investment and transition, evolving from being privately held to becoming a public company. For the first time in our history, revenues surpassed P10 billion as we 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,” Arlene Sy, Upson president, said.
Upson opened 25 new stores in 2023, 12 of which in the fourth quarter. It ended the year with 232 stores.
To broaden its product offering, Upson unveiled 12 tech brands including AUKEY, ESR, Garmin, MOMAX, Verbatim, MONOCOZZI, and Circuit. It also began to set up Apple corners in select stores which brought customers greater access to the brand.
Upson now carries 115 tech brands in its portfolio.
SEC office
Meanwhile, the Securities and Exchange Commission (SEC) announced that it opened a new office in Butuan, envisioned to make doing business easier for entrepreneurs in the region.
The SEC on Monday inaugurated the SEC Butuan Extension Office located at the JC Aquino Training Center, JC Aquino Avenue, Barangay Libertad, Butuan City.
The SEC Butuan Extension Office will serve the Caraga Administrative Region, among the country’s fastest-growing regions.
In 2022, Caraga recorded a gross regional domestic product of more than P320 billion. As of December 2023, a total of 7,158 registered corporations and partnerships are based in Caraga, which was previously under the jurisdiction of the SEC Cagayan de Oro Extension Office.
The establishment of the SEC Butuan Extension Office was requested by the Regional Development Council of the Caraga Region, in line with improving bureaucratic and regulatory efficiency as per the Caraga Regional Development Plan, as well as by the Office of Agusan del Norte First District Representative Jose S. Aquino II.
“Choosing Butuan as the newest location for our extension office was an easy decision to make, as the high number of business name registrations in the area shows its potential to become a thriving business hub in the future,” SEC chairman Emilio B. Aquino said.
“The SEC seeks to support this potential by creating an enabling environment that will make doing business easier for entrepreneurs in the region, through the services provided by the SEC Butuan Extension Office.”
The establishment of the extension office aligns with the agency’s mandate to ensure the efficient delivery of public services and effective enforcement of laws concerning the capital market, financing and lending companies, and the overall corporate sector.