FRUITAS Holdings, Inc. (FHI) is aiming to grow consolidated revenues by a quarter to P2 billion by the end of 2019, as it adds more stores and distribution channels.
The operator of food and beverage kiosks such as Buko Loco and Johnn Lemon reported its consolidated revenues stood at P1.58 billion as of end-2018, 37% higher than the previous year’s P1.15 billion.
“With the favorable economic environment and more opportunities for expansion, the company is looking at a full-year consolidated revenue of P2 billion in 2019,” Fruitas said in a statement.
The company is planning to unveil new brands this year, and is on track to open its 1,000th store in the next few months. It currently has over 970 stores nationwide.
To widen its distribution channels, the company recently partnered with Grab Philippines to make products from Fruitas, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Sabroso Lechon, House of Desserts, Black Pearl, and Tea Rex available to more customers in Metro Manila.
Fruitas fresh coconut water was also made available in 50 Andok’s stores. It is also the supplier of coconut water delivery company, CocoDelivery, in the National Capital Region.
“We are always finding ways to make it easier for Filipinos to access our products. We want to encourage more frequent consumption and continue to reach out to first-time customers,” said Lester C. Yu, president and chief executive officer of FHI, said in a statement.
“The evolving needs of our customer base provide an opportunity for us to expand our distribution channels,” he added.
Earlier this year, FHI said that is planning to file an application for an initial public offering (IPO) with the Securities and Exchange Commission by second half of the year. It is eyeing to raise up to P2 billion from the initial offering, in a bid to double its store network in the next five years.
FHI was founded in 2002 by Mr. Yu from a single food cart location in Manila. Aside from food carts, it now has two food parks in Quezon City, namely 150 Maginhawa Food Park, and Le Village. — Vincent Mariel P. Galang