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Manila Bulletin devider Business devider BALAI profits rise as store network expands

BALAI profits rise as store network expands

Published Nov 23, 2022 02:43 pm

Balai ni Fruitas Inc. (BALAI) reported that its net income jumped 10.2 times to P23.2 million in the first nine months of the year from P2.3 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its revenues rose 2.6 times to P234.1 million.

Balai logo

The significant increase in its revenues is attributed to the ongoing store network expansion of the Balai Pandesal brand which already has 43 stores from 5 stores at time of acquisition in June 2021.

In addition, Balai Pandesal products have been made available in more than 20 community stores within the Fruitas Holdings network. This has allowed expansion of Balai Pandesal’s distribution in a very cost-efficient manner.

The Company said it executed strategic price adjustments and executed tactical purchasing initiatives to successfully manage increasing raw material prices.

BALAI has started to accelerate the Balai Pandesal store expansion by opening 7 new stores after its Initial Public Offering in June 2022. The 7 new stores within the second half of 2022 are located in various locations within Metro Manila and Metro Cebu in both community store and kiosk formats.

As of October 2022, BALAI currently has 91 active stores nationwide of which 43 stores are Balai Pandesal, 39 are Buko Ni Fruitas stores, and 9 are Fruitas House of Desserts stores.

“We have significantly grown the Balai Pandesal brand in just over a year since our acquisition. We aim to make Balai Pandesal the leading mid-priced community bakery in the country,” said BALAI President and CEO Lester Yu.

He added that, “The IPO has provided the Company sufficient resources to further accelerate expansion and grow our capacity and product offerings.”

“We are optimistic with the last quarter of the year and we hope to conclude the year on a high note by encouraging our customers to have BALAI products as part of their festivities,” Yu noted.

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Lester Yu Balai ni Fruitas Inc.
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