Fruitas sprouted P113-M profit in 2023

MANILA, Philippines  — Food and beverage group Fruitas Holdings Inc. of businessman Lester Yu booked P113 million in 2023 earnings, rising by 37 percent on “all-time high” revenues as store sales and its e-commerce business expanded.

Fruitas, which is also behind bakery chain Balai Ni Fruitas, on Tuesday said revenues reached P2.47 billion from P1.8 billion in 2022.

The company likewise generated a gross profit of P1.5 billion, jumping by 42 percent.

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Gross profit margin reached 60.5 percent from 58.5 percent, which Fruitas attributed to efficiency improvement, sales price increase, and its entry into higher-margin product categories.

“The impressive financial performance of Fruitas Holdings in 2023 underscores our capability to deliver an exceptional outcome for all of our Fruitas brands,” president and CEO Yu said in their stock exchange filing.

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The company completed its acquisition of noodle house Ling Nam in March 2023, which Fruitas said had significantly contributed to revenue growth and profitability.

In the same year, Fruitas expanded its cloud kitchen business after acquiring Fly Kitchen.

Fruitas opened 44 new stores in 2023, with its network now composed of 817 stores spanning several brands—including Balai Pandesal, Buko Ni Fruitas, and Jamaican Pattie.“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,” Yu said. — INQ