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Manila Bulletin devider Business devider The Stock Market devider Fruitas, Balai post strong growth in Q1

Fruitas, Balai post strong growth in Q1

Published May 20, 2024 06:42 am

Fruitas Holdings Inc., the leading operator of multi-format food and beverage stores, reported a 56 percent jump in consolidated net income to P29.8 million in the first quarter of 2024 from the P19.2 million in the same period last year. 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it achieved revenues of P640 million in the first three months of 2024, a 24 percent increase from the P515 million recorded in the same period in 2023. 

fruitas lester yu.jpg
Fruitas and Balai President and CEO Lester Yu

“The group concluded the first three months of 2024 on a strong note, showcasing sustained growth across our operations. This success is a testament to our team's solid foundation and commitment to re-affirming our relevance and competitive edge in the Philippine food and beverage industry. We are even more eager to face the succeeding quarters of this year, as we have numerous innovations and offerings planned for our cherished Filipino consumers,” said Fruitas President and CEO Lester Yu.

The notable growth is attributed by the firm to robust same-store sales, particularly driven by Fruitasgroup Inc., its largest subsidiary, which capitalized on the peak season for its beverage offerings. 

The expansion of Ling Nam also played a substantial role, contributing significantly to the group's profitability. Ling Nam's footprint expanded with six new stores opened in the first quarter alone, strategically located to maximize market penetration and customer reach.

Pre-tax income surged by 70 percent to P41 million from P24 million in the same period last year. The combination of strong revenue growth and a disciplined store rollout contributed to the remarkable surge in pre-tax income.

Meanwhile, Fruitas’ subsidiary Balai ni Fruitas Inc. reported a net income of P13.2 million in the first quarter of 2024, a substantial 38 percent increase from P9.6 million in the same period last year.

Revenues reached P145 million, marking a 27 percent increase compared to the first quarter of 2023. Among the company’s brands, Balai Pandesal continued to have the fastest same store sales growth. The company likewise continued to push e-commerce to further increase revenues.

"With the robust performance we have achieved in the first quarter of 2024, we continue to strengthen our position in the market. The recent addition of Sugarhouse to BALAI further underscores our commitment to enhancement of our product portfolio. As we continue to implement our strategic initiatives in the coming quarters, BALAI remains poised to sustain its growth," said Yu who is also BALAI President and CEO.
 

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Lester Yu Fruitas Holdings Inc. Balai ni Fruitas Inc.
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