Balai ni Fruitas net income up 68% in H1 2023
MANILA -Food kiosk king Lester Yu’s Balai ni Fruitas Inc., which owns the Balai Pandesal bakeshop chain, maintained its earnings growth trajectory in the first semester of 2023 as it increased its branch network.
Net income from January to June jumped 68 percent to P25 million while revenue expanded by 72 percent to P249 million, the company said in a stock exchange filing on Wednesday.
The company expects to grow further in the second semester of 2023, Yu said.
“In the second half of the year, we are eager to build on this momentum and keep exceeding expectations,” he said in the filing.
Balai opened 17 new stores in the first half of the year, raising its branch count to 115 locations.
As of June 30, 2023, there were 64 Balai Pandesal outlets with the balance comprising Buko ni Fruitas and Fruitas House of Desserts outlets. Through the network of FRUIT, customers can find Balai Pandesal items in over 20 additional community stores.
“We are thrilled with the outstanding first half 2023 results. Our dedication to quality, innovation, and customer satisfaction has fostered remarkably strong growth,” Yu said.
“This accomplishment demonstrates our unwavering commitment to provide top-notch goods and services,” he added.
During the period, Balai increased its cash position to P290 million, which will help the firm pursue “aggressive” expansion.
“Balai plans to continue expanding its product line and investing in new markets and technologies in order to sustain its growth trajectory,” the company said in the filing.
“The company is dedicated to delivering greater value to its clients and shareholders by pursuing sustainable growth and enhancing operating and financial performance,” it added.
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