Balai ni Fruitas posted 62% profit growth in Q1
MANILA -Food kiosk king Lester Yu’s Balai Ni Fruitas booked a 62-percent net income surge in the first quarter of 2023 on the back of higher sales. Profit margins also held up despite inflationary pressures.
Balai Ni Fruitas, which owns Balai Pandesal bakeries as well as Buko ni Fruitas and Fruitas House of Desserts food outlets, said net income from January to March this year hit P9.6 million versus P6 million in the same period in 2022.
“Our year has been off to a fantastic start. The commitment and effort of our team, and loyalty of our clients are reflected in our performance,” Yu, who is president and CEO of Balai Ni Fruitas, said in a statement on Thursday.
The company said revenue rose 88 percent to P114 million as it maintained sales momentum while opening new stores and expanding distribution capabilities via third-parties and within the outlets of its listed parent firm, Fruitas Holdings.
For example, Balai Ni Fruitas baked goods were made available in Fruitas-owned stores such as Soy & Bean and Babot’s Farm.
Balai Ni Fruitas ended the period with 110 outlets versus 98 at the end of last year.
“In first quarter of 2023, we were able to open new stores in strategic locations to better serve existing clients and draw in new clients,” Yu said.
“We also further expanded our distribution digitally. We intend to replicate this success in subsequent periods,” he added.
Gross profit during the first quarter rose 83 percent to P57 million. Gross profit margin was relatively flat at 50 percent from 51 percent during the same period in 2022.
“Our clients can continue to expect top-quality products coupled with exceptional customer service from Balai,” Yu said on Thursday.
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