Fruitas Q2 net income up 27%

Food and beverage kiosk operator Fruitas Holdings Inc. reported on Tuesday double-digit growth in its bottom line for both the second quarter and the first half of the year. 

In a statement, Fruitas said its net income climbed 27% to P24.4 million in the second quarter versus the past year and was higher than P19.2 million in the first quarter. Revenues jumped 21% to P624 million, and gross profit climbed 21% to P368 million.

Its first-half net income rose by 48% to P43.5 million from P29.3 million, as revenues grew by 45% to P1.139 billion from P787 million, and gross profit increased by 39% to P672 million from P484 million.

"Our first-half 2023 performance is proof of the group’s capacity to enhance and innovate its product portfolio. We saw improved profits and controlled margins despite the uncertain economic climate," Fruitas Holdings president and chief executive officer Lester Yu said.

Fruitas, through its fully owned subsidiary Lingnam Food Inc., finalized in the first half the purchase of the Ling Nam Wanton Parlour and Noodle Factory. It also welcomed its newest subsidiary, Fly Kitchen Inc., during the period.

"In light of this, we are eager to seize the upcoming quarters’ growth opportunities through store network diversification and relevant product offerings that will provide value to our customers and stakeholders while laying the groundwork for our vision to be the place where all Filipinos’ dreams come true," Yu said.

The company ended the first half with 822 stores and expects to open at least 50 additional locations for the rest of the year.

Its product portfolio covers 30 brands, including Fruitas Fresh from Babot’s Farm, Buko Loco, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, 7,107 Halo Halo Islands, Tea Rex, and Sabroso Lechon, among others.

Shares in the company closed Tuesday at P1.07 apiece, down P0.04 or 3.60% from Monday’s finish of P1.11.  — VBL, GMA Integrated News