Fruitas Holdings, Inc. has teamed up with a Mindanao-based dairy farm operator to be the exclusive carrier of its products.
The food and beverage kiosk operator told the stock exchange on Wednesday it forged a partnership with Bukidnon Milk Company to have the rights to carry its products via carts, kiosks and stalls.
Before this partnership, Fruitas has been carrying Bukidnon Milk Company’s fresh milk and yogurt products through its delivery platform.
“We have received very positive feedback on Bukidnon Milk Company products from our customers… [W]e are glad to partner with a top-notch local producer of fresh dairy. This new collaboration is in line with our vision for Fruitas to be synonymous with fresh products and become an essential part of Filipinos’ daily lives,” Fruitas President and Chief Executive Officer Lester C. Yu was quoted in the statement as saying.
Products of Bukidnon Milk Company will now be featured in Fruitas’ fresh store concept under the Babot’s Farm brand. As announced in March, the company wants the new concept to carry three major verticals of fresh products: a buko beverage line, a soy-based products line and a fresh dairy line.
“(The fresh store concept) will prominently feature Bukidnon Milk Company products alongside Fruitas’ leading buko beverage line, and Soy & Bean’s soy-based products,” it said.
Partnerships such as this is part of Fruitas’ strategy to generate revenues amid the challenges brought by the coronavirus disease 2019 (COVID-19) pandemic.
“As constraints brought about by the COVID-19 pandemic continues to present challenges to all businesses from large conglomerates to small operators, Fruitas commits to mitigate the impact by adding new revenue and profit streams,” it said.
It also assured investors that it has “more than sufficient funds” to survive the pandemic, noting it raised P820 million when it did an initial public offering last year.
“Since its initial public offering, Fruitas has completed the acquisition of Heat Stroke Grill, Kuxina, The Tofu Store, and CocoDelivery and forged partnerships with Pan de Manila and Bukidnon Milk Company, which have made the company bigger and stronger,” it said.
Fruitas has not disclosed its earnings for 2019 yet, but in the year prior, its consolidated revenue stood at P1.58 billion to increase 37% year on year.
Shares in Fruitas at the stock exchange inched up nine centavos or 6.67% to P1.44 each on Wednesday. — Denise A. Valdez
