Xurpas Inc., a provider of enterprise technology solutions, reported Wednesday that its net loss widened in 2022 to P52.3 million from P8.74 million in the previous year, hurt by one-off, non-recurring and non-operational expenses due to lower crypto prices, a weaker peso, and asset impairment.
Revenue last year rose 8 percent to P227.5 million, the highest since Xurpas pivoted and strengthened the enterprise business. Earnings from the enterprise business rose 43 percent on account of the strong performance of staff augmentation.
Staff augmentation, which accounted for 70 percent of enterprise revenues, saw a 29 percent increase in earnings to P117 million. Custom software development increased revenue by 93 percent to P46.5 million. Meanwhile, the AllCare Business, a digital membership benefits company and a business unit of Storm, a Xurpas subsidiary, posted a 66 percent increase in revenue to P43 million.
Last month, Xurpas approved the sale of Altitude Games’ assets. The sale will bring additional cash flow that would allow Xurpas to invest on its businesses and pursue new growth opportunities.
DXurpas recently announced that it will seek new market opportunities in Australia, where it plans to offer enterprise products and services.
