Fruitas Holdings Inc. (FRUIT), the leading food and beverage kiosk and community store operator, returned to profitability in the first nine months of 2022 with earnings of P43 million from a net loss of P16 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it posted revenues of P1.26 billion in the first nine months of 2022, up 62.7 percent from the P772 million generated in the comparative period in 2021.

“The sales growth momentum demonstrates the effectiveness of FRUIT’s strategies as it recovers post-pandemic,” the company said.

For the first three quarter of 2022, FRUIT recorded a gross margin at 60.6 percent, which is just slightly below the 60.9 percent gross margin in 2021 despite high inflation which is causing raw material prices to rise.

On top of strategic price increases, the Group continues to expand its supplier base and improve raw material sourcing to manage the raw material price hikes.

As of end of October 2022, FRUIT had about 750 stores, adding about 30 stores in the last three months. It is further ramping up expansion with about 50 stores to be opened in the next few months.

“We are seeing significantly improved results as the economy continues to recover from the pandemic. While we currently face the challenge of high inflation, we are committed to continue delivering value to our shareholders,” said Fruitas Holdings President and CEO Lester Yu.

He added that, “We also continue to pursue new product offerings and to expand our distribution channels to be easily accessed by our valued customers.”