Fruitas on track to sustain 20% revenue growth in 2019

Fruitas Holdings Inc. on Tuesday said it expects to sustain double-digit growth during the second half of the year, as the company proceeds with expansion plans.

Fruitas director and chief financial adviser Calvin Chua said growth is expected to continue in July to December, following the 20% climb seen in January to June.

“Our revenue growth of above 20% … in the first half of the year is expected to be sustained until end of the year,” he said.

Shares of Fruitas were listed on the Philippine Stock Exchange's (PSE) main board on November 29. It opened at P1.82 per share, up 8.33% from the initial public offering price of P1.68 per share.

Prior to its listing, Fruitas was operating 1,036 stores, covering brands such as Babot’s Farm, Buko Loco, Buko ni Fruitas, De Orginal Jamaican Pattie Shop and Juice Bar, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, 7,107 Halo Halo Islands, Shou Hand Pulled Noodles, and Sabroso Lechon.

“While we have nearly quadrupled our store network from 260 as of end-2015 to 1,036 just before our listing, we believe there is still significant potential for expansion for both our leader and challenger brands,” Chua said.

Last month, Fruitas said it was looking at opportunities to expand outside Metro Manila. Around 51% of its stores located in the National Capital Region (NCR).

The company was targeting to take the market lead in all the seven key areas of the food and beverage kiosk industry such as fruit shakes, juices, meat-filled pastries, buko (coconut juice), lemonade, fries, and coolers.

The company is the last to go public this year, following Kepwealth Property Phils. Inc. in August, and Axelum Resources Corp. and AllHome Corp. in October. —JOn Viktor Cabuenas/VDS, GMA News