Fruitas Q1 income jumps to P19.2 million

MANILA, Philippines — Fruitas Holdings Inc., the listed food and beverage retail operator, reported a net income of P19.2 million in the first quarter, three times the P6.4 million recorded a year ago.

The company expects to further boost its topline and bottomline with the addition of the Ling Nam brand to its portfolio.

Fruitas completed the purchase of 73-year-old legacy brand Ling Nam last March, marking its entry into the Asian casual dining space.

At the same time, Fruitas is executing several initiatives to maximize synergies with Ling Nam.

“We expect to keep putting in strong performances in the upcoming quarters through a combination of organic growth and contribution from recent acquisitions,” said Lester Yu, Fruitas president and CEO.

To promote sustainable growth and profitability, the company will continue to invest in our brands, channels, customers, and employees.

It is also in various stages of discussion with additional prospective targets which fit its portfolio, Yu said.

The company raked in P515 million in revenues in the first quarter, up 56 percent from the previous year and 22 percent better than the pre-pandemic level recorded in the first quarter of 2019.

As of end-March 2023, Fruitas had a network of more than 800 stores, and added about 10 additional locations since then.

The group identified a number of areas for the expansion of its network both inside and outside of Metro Manila, one of which is the recently announced Ling Nam restaurant in Zamboanga, which is anticipated to open in the third quarter.

Fruitas’ concept brands include Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, 7,107 Halo Halo Islands, Tea Rex, Kuxina, SHOU La Mien Hand-Pulled Noodles, Sabroso Lechon and Soy & Bean.

It also has opened a number of Babot’s Farm, Soy & Bean and Balai Pandesal community stores.