Fruitas Holdings, Inc. Reported P113 Million in Consolidated Net Income in 2023, Up 37%

Fruitas Holdings, Inc. (FRUIT), the leading operator of multi-format food and beverage establishments, reported all-time high annual revenues of P2,469 million in 2023, 37% more than P1,799 million in 2022.

The company's subsidiaries experienced broad revenue growth, with Balai ni Fruitas and Fruitasgroup leading the way. Balai ni Fruitas is led by Balai Pandesal, and Fruitasgroup houses the beverage brands. The company also completed the acquisition of Ling Nam in March 2023, which greatly increased sales and profitability.

The e-commerce business expanded, and same-store sales increased, driving revenue growth. In 2023, the company also expanded its cloud kitchen business with the acquisition of Fly Kitchen. As of the end of 2023, the company had a total of 817 stores, up 44 from 773 at the end of 2022. The minor rise in store count reflects the company's goal of improving its store network and judiciously launching additional locations in high-density areas.
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FRUIT earned a gross profit of P1,494 million in 2023, up 42% from P1,052 million in 2022. Gross profit margin increased to 60.5% in 2023 from 58.5% in 2022. The 2 percentage point rise in gross profit margin can be attributed to improved manufacturing efficiency, increased sales prices, and expansion into higher-margin product categories. The rise in gross profit also helped to mitigate the impact of rising operational expenses in 2023.
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Pre-tax income increased by 47% to P158 million in 2023, from P108 million in 2022. Pre-tax income grew faster than revenue. FRUIT reported a combined net income of P113 million in 2023, up 37% from the P82 million net income recorded in 2022. The net margin remained stable at 4.6%.

"The impressive financial performance of Fruitas Holdings in 2023 underscores our capability to deliver an exceptional outcome for all of our Fruitas brands. The successful integration of two acquisitions, Ling Nam and Fly Kitchen, into our business portfolio reflects our commitment to growth and diversification. Additionally, the additional focus we are putting into our e-commerce business demonstrates our readiness to adapt to evolving consumer preferences and market trends. We are enthusiastic about our future growth as we embark on expanding our presence in strategic locations and enhancing our product offerings to better serve our customers," stated Mr. Lester C. Yu, President, and Chief Executive Officer of Fruitas Holdings Inc.

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.​