Fruitas bounces back to income territory as economy reopened in 2022
MANILA, Philippines — Food kiosk operator Fruitas Holdings Inc. scored gains from the reopening of the domestic economy as sales soared, helping it rebound to income territory in 2022.
In a disclosure sent to the Philippine Stock Exchange index on Tuesday, Fruitas posted a consolidated net income of P82 million in 2022. This was a stark reversal after incurring a net loss of P48 million in 2020, then P16 million in the following year.
Revenues surged 63% year-on-year to P1.79 billion in 2022 on the back of same-store sales growth. As of 2022, Fruitas has over 770 stores nationwide, lower compared to the estimated 1,000 stores in its network in 2019.
Earnings before interest, taxes, depreciation and amortization leapfrogged 119% on-year to P287 million in 2022.
“Despite the challenging environment, we were able to improve margins and generate returns for our shareholders. We were able to unlock the value of Balai ni Fruitas via listing,” said Lester Yu, president and CEO of Fruitas.
“We expect all Fruitas brands to perform better this year and we will strongly invest in our recent acquisitions, Balai Pandesal and Ling Nam, to achieve our growth targets,” Yu added.
Shares in Fruitas currently trade flat at P1.12 apiece on Tuesday. — Ramon Royandoyan
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