Fruitas Holdings, Inc. (FRUIT) returned to profitability with consolidated net income of P6 million of in the first quarter of 2022 from a net loss of P16 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, FRUIT said net sales rose 26 percent to P330 million in the first quarter of the year from P261 million in the same period of 2021.
It noted that, first quarter 2022 revenues were at the same level as the fourth quarter of 2021.
“This was achieved despite the lack of seasonal uptick from the Christmas season, including lechon sales, in the first quarter of 2022 and the Level 3 restrictions imposed in January 2022,” the firm said.
Revenue performance for the first quarter of 2022 is already 88 percent of the first quarter of 2020 revenue level even with less number of stores.
Meanwhile, FRUIT trimmed its net loss last year as it continued its recovery momentum in the fourth quarter of 2021.
The firm said full-year net loss for 2021 was at P16 million, 66 percent lower than the P48 million loss recorded in 2020.
Consolidated revenues rose 24 percent to P1.1 billion last year from P892 million in 2020 and increased 33 percent to P330 million during the last quarter of 2021 from P248 million in the third quarter of 2021.
Revenue performance for the fourth FRUIT posted a positive EBITDA of P38 million in the fourth quarter of 2021, a 57% improvement from Php24 million in 3Q2021. Full-year EBITDA also more than doubled to Php131 million in 2021 from Php65 million in 2020.
FRUIT said the further easing of quarantine restrictions and strengthened vaccination initiatives has allowed the company to register the 24 percent revenue growth.
It added that, the company’s recent entry to the baked goods industry, through Balai Pandesal, has also allowed the Group to improve its gross profit margin for 2021 to 62 percent compared to 60 percent in 2020.
FRUIT had about 700 stores in its network in March 2022 and had already added about 10 stores in 2022 until May 23, 2022.