Balai ni Fruitas Inc. (BALAI) reported that its profits for the first half of 2022 already exceed full-year 2021 levels as it continued to benefit from economies of scale and improved store performance.
In a disclosure to the Philippine Stock Exchange, the firm said its net income reached P15 million in the first half of 2022, up 1,847 percent from the P0.8 million earned in the same period last year ad well above full-year 2021 net income for 2021 of P9 million.
BALAI also registered revenues of P145 million, a 160 percent jump from the P56 million posted in the first half last year and almost equal the full year 2021 revenue level of P149 million.
Results from Balai Pandesal operations only started to be reflected in June 2021; the addition of Balai Pandesal has driven the Company’s significantly improved financial performance.
“The successful listing of BALAI on June 30, 2022, will allow the company to aggressively expand its store network and build new commissaries to have more efficient operations and leaner cost structure,” the firm said.
In addition, BALAI is looking to further expand its portfolio through a mix of product brand introductions and potential acquisitions.
As of end-2021, BALAI had 77 stores in its network. During the first of half of 2022, the Company was able to open 7 new stores bringing the total store network to 84. BALAI’s network included 38 Balai Pandesal stores as of June 30, 2022.
With the Balai Pandesal commissary expected to be operational within in the third quarter this year, BALAI is on track to increase the number of Balai Pandesal stores to 80 by the end of 2022.
“The successful listing on the SME board of the PSE will allow us to expand faster. We envision Balai Pandesal to be present in major cities of the country and can be easily accessed by Filipinos,” said Balai Ni Fruitas Inc. President and CEO Lester Yu.
He added that, “The 2022 first half performance is a testament of the ability of the company to face increasing raw material costs and still protect its margins. We shall continue to create new product offerings which will bring happiness to our customers.”