C02494-2018

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Apr 16, 2018
2. SEC Identification Number
A200117708
3. BIR Tax Identification No.
219-934-330
4. Exact name of issuer as specified in its charter
XURPAS INC.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7F Cambridge Centre Building, 108 Tordesillas St., Salcedo Village, Makati City Postal Code Postal Code 1227
8. Issuer's telephone number, including area code
(632) 889-6467
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 1,870,940,210
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Xurpas Inc.X

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Press Release
Background/Description of the Disclosure

Xurpas breaks Php2 billion in revenues in FY2017, set on recovering profits in 2018

Technology firm, Xurpas Inc. (PSE:X) breached the Php2 billion revenue mark for the full year of 2017. Throughout 2017, Xurpas concentrated on building its mobile consumer platform businesses, while aggressively pursuing new clients for its enterprise and other business segments. As a result, the total revenues for the year was at Php2.10 billion, an all-time high for the company, and an increase by 8% from the previous year’s record of Php1.95 billion. Xurpas’ Mobile consumer services grew 16% year-on-year to Php1.44 billion, contributing 68% to total revenues, despite a challenging market environment for its advertising business. The company’s Other revenues, which was attributed to Storm Technologies Inc., (Storm) grew by 84% to Php99.44 million in the full year of 2017. Xurpas’ enterprise services division achieved Php566 million in revenues in 2017. Taking into account the company’s significant one-off expenses and the consolidation effects of its acquisitions, Xurpas’ net income was at Php102.57 million for FY2017.

In 2017, Art of Click recorded Php121.7 million in impairment losses from bad accounts due to adverse digital advertising marketing conditions. The company is implementing a recovery plan to improve its revenue mix, and has fortified its management with a new chief revenue officer to grow the business in new industries and territories.

On a high note, Xurpas’ HR technologies arm, Storm recovered from a sales slump in 2015, and grew by 84% in 2017. Storm’s recorded revenues for 2017 is near Php100 million. Storm is positioning itself for further growth through its existing platforms that currently service a captured user base of close to 68,000 client employees, as well as through leveraging a new employee communications platform co-developed with MicroBenefits, Xurpas’ HR technologies affiliate based in Hong Kong.

“Our focus for the year 2018 is to move forward from the setbacks of last year, by strengthening our topline growth while rebuilding profitability. We remain committed to building our consumer and HR technology platforms since we believe these hold the keys to our sustained growth,” said Nix Nolledo, Chairman and CEO of Xurpas Inc. “We are also very excited by the huge potential of the blockchain, and expect to leverage this highly disruptive new technology across all our businesses,” Nolledo concluded.
Other Relevant Information

None.
Filed on behalf by:
Name Mark Gorriceta
Designation Assistant Chief Information Officer