Fruitas Holdings, Inc., the leading multi-format food and beverage store operator, reported record-breaking financial results for the first half of 2024, with net income rising 49 percent to P65 million. 

In a disclosure to the Philippine Stock Exchange, the firm said it achieved significant sales momentum and margin expansion, with revenues rising by 21 percent to P1.4 billion from P1.1 billion in the first half of 2023. 

This is attributed to the broad-based growth of key businesses, including Fruitas beverages, Balai Pandesal, and Ling Nam.

“Our performance in the first half of 2024 is testament to the Group’s ability to seize high-value opportunities across our diverse portfolio,” said Fruitas President and CEO Lester C. Yu. 

He noted that “Despite continued challenges, we have consistently achieved rising profits and increased margins. In the coming quarters, we intend to prepare for the future by increasing capacity to sustain our growth.”

“The Group anticipates to accelerate its sales in the coming quarters with plans to further diversify House of Fruitas’ product lineup. 

“Meanwhile, capital expenditures will be geared towards increasing capacity for the Group’s key businesses, while keeping tight cost control,” Fruitas said.

By the end of June 2024, FRUIT's network expanded to 834 stores. The Group projects adding at least 20 more locations in the year’s final two quarters.

Meanwhile, the listed subsidiary Balai ni Fruitas Inc. registered a 30 percent growth in net income, rising from P32 million to P25 million in the first half of 2024. 

For the first six months of 2024, the company's revenues hiked 27 percent to P315 million from P249 million during the same period in the previous year.

This growth is attributed to the strategic expansion and enhanced performance of the company’s store network.

Higher-margin products, strategic expansion efforts, and operational efficiencies primarily drive the company’s strong financial results.

The Company concluded the first half of 2024 with a total of 127 stores nationwide, an increase of six new stores from the 121 stores reported at the end of the first quarter. 

Balai Pandesal, the flagship brand within the Company’s portfolio, achieved substantial same-store sales growth, driven by a series of innovative and highly sought-after product offerings.

“In the first half of the year, BALAI has demonstrated outstanding performance, achieving notable success in both financial results and operational efficiency. 

“The recent establishment of strategic partnerships further illustrates our dedication to leveraging our core strengths. I am confident that these initiatives will reinforce our market presence and foster continued growth and success in the coming quarters,” said Yu, who is also BALAI President and CEO.