Fruitas Holdings, Inc. Consolidated Net Income Reached P29.8 Million in Q12024, 55.6% Higher than Q12023

Fruitas Holdings, Inc., the leading operator of multi-format food and beverage outlets, reported strong financial results in the first quarter of 2024. In Q12024, the company generated revenues of P640 million, a 24%, or P125 million, increase over the P515 million recorded in the same period in 2023. The company reported consolidated net income of P29.8 million in Q12024, up P11 million, or 56%, from P19.2 million in Q12023.

The significant growth is attributed to strong same-store sales, particularly by Fruitasgroup Inc., its largest subsidiary, which took advantage of the peak season for its beverage offerings. Ling Nam's expansion has had a significant impact on the group's profitability. Ling Nam's presence grew with six additional locations built in the first quarter alone, all carefully situated to optimize market penetration and consumer reach.
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Fruitas Holdings' gross profit for Q12024 was P377 million, up 24% from P304 million in Q12023. Despite inflationary pressures, the company maintained a healthy gross profit margin of 59%, demonstrating its ability to manage direct costs and reflecting its shift toward higher-margin items. EBITDA increased by 34% to over P99 million in Q12024, up from P74 million in Q12023. The EBITDA margin rose to 15% in Q12024 from 14% in Q12023, demonstrating the group's improved operational efficiency. Pre-tax income increased by 70% to P41 million in Q12024, up from P24 million in the same period prior year. Strong sales growth and a disciplined shop rollout helped to drive the exceptional increase in pre-tax income.
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As of the end of the first quarter of 2024, FRUIT had expanded its shop network to a total of 825 sites across its diversified offering. This sustained growth demonstrates the company's commitment to expanding its market presence and making its products more accessible to consumers. The company is also capitalizing on the growing demand for online meal delivery services through its own online platform, BalaiMart, and collaborations with third-party food delivery aggregators such as GrabFood and FoodPanda. This digital development not only diversifies revenue streams but also prepares FRUIT to meet increasing consumer demands for ease and speed.

“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. This growth trajectory also enhances our capacity to deliver long-term value to our stakeholders,” stated Mr. Lester Yu, President and Chief Executive Officer of Fruitas Holdings.

Fruitas Holdings Inc., listed on the Philippine Stock Exchange under the symbol FRUIT, is the leading operator of multi-format food and beverage stores in the Philippines. From a single Fruitas stall opened in 2002, the group now operates over 30 brands in its portfolio, which includes well-loved food concepts 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.