MANILA, Philippines — Food and beverage kiosk and community store operator Fruitas Holdings Inc. said it’s net income reached P43 million in the nine months to September, reversing the P16 million loss it incurred a year ago.
The company raked in P1.3 billion in revenues during the nine-month period, up 62.7 percent over the same period last year.
For the third quarter alone, Fruitas revenues grew to P469 million, up 89 percent from P248 million a year ago.
The sales growth momentum demonstrates the effectiveness of its strategies as it recovers post-pandemic, the company said.
These include strategic price increases, expansion of supplier base, as well as improving raw material sourcing to manage the price hikes.
“We are seeing significantly improved results as the economy continues to recover from the pandemic. While we currently face the challenge of high inflation, we are committed to continue delivering value to our shareholders. We also continue to pursue new product offerings and to expand our distribution channels to be easily accessed by our valued customers,” said Fruitas president and CEO Lester Yu.
As of the end of October 2022, Fruitas had about 750 stores, adding about 30 stores in the last three months.
The company is ramping up its expansion with about 50 stores to be opened in the next few months.