Fruitas Holdings’ Q1 profit surges by 200%
MANILA -Food kiosk king Lester Yu’s Fruitas Holdings saw its profit surge 200 percent to P19.2 million in the first quarter of 2023 as the company maintained its growth momentum after recovering from the pandemic slump.
Total revenue also climbed 56 percent to P515 million from January to March. Profit margins rose to 3.7 percent from 1.9 percent last year, a stock exchange filing on Tuesday showed.
“We expect to keep putting in strong performances in the upcoming quarters through a combination of organic growth and contribution from recent acquisitions,” said Yu, the president of CEO and Fruitas.
The company ended the quarter with more than 800 stores. It also expects sales to grow with the recent acquisition of the Ling Nam restaurant chain.
“The group identified a number of areas for the expansion of its network both inside and outside of Metro Manila, one of which is the recently announced Ling Nam restaurant in Zamboanga, which is anticipated to open in the third quarter of 2023,” Fruitas said in the filing.
“[Fruitas’] entry into the Asian casual dining space through Ling Nam will diversify its revenue base. At the same time, [Fruitas] is executing several initiatives to maximize synergies with Ling Nam,” the company said.
Those strategies include opening kiosks and stalls under the Ling Nam brand, and the online sale of Ling Nam products alongside the group’s other brands.
Yu said they were open to other investment opportunities to growth their portfolio, which includes De Original Jamaican Pattie, Johnn Lemon and Fruitas Fresh from Babot’s Farm.
“The company is also in various stages of discussion with additional prospective targets which fit our portfolio,” he said in the filing.
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