LISTED food and beverage kiosk operator Fruitas Holdings, Inc. recorded a 37% increase in its consolidated net income to P113 million in 2023 from P82 million in 2022, led by higher revenues across its subsidiaries.
The company’s revenues rose by 37% to P2.47 billion in 2023 from P1.8 billion in 2022, Fruitas Holdings said in a stock exchange disclosure on Tuesday.
Fruitas attributed the higher revenues to the same-store sales growth and expansion of its e-commerce business.
“Revenue growth was broad-based across our subsidiaries, led by Balai ni Fruitas and Fruitasgroup. Balai ni Fruitas is anchored by Balai Pandesal, while Fruitasgroup houses our beverage brands. We also completed the acquisition of Ling Nam in March 2023, which significantly contributed to our revenue growth and profitability,” it said.
Fruitas saw a 42% increase in its gross profit to P1.49 billion from P1.05 billion in 2022. Gross profit margin also rose to 60.5% from 58.5% in 2022.
Fruitas has 817 stores as of end-2023, up by 44 from the 773 stores recorded as of end-2022.
The company’s brands include Fruitas Fresh from Babot’s Farm, Buko Loco, Balai Pandesal, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, Sabroso Lechon, Ling Nam, and Fly Kitchen.
On Tuesday, Fruitas Holdings shares dropped by 1.28% or one centavo to 77 centavos. — Revin Mikhael D. Ochave
