MANILA, Philippines — Listed food and beverage retail operator Fruitas Holdings Inc. saw its earnings soar in 2023 on the back of all-time high annual revenues.
Fruitas booked a net income of P113 million in 2023, 37 percent higher than the P82 million recorded the previous year.
Revenues soared by 37 percent to P2.47 billion from P1.8 billion in 2022, driven primarily by same-store sales growth and expansion of its e-commerce business.
Fruitas said revenue growth was broad-based across its subsidiaries, led by Balai ni Fruitas and Fruitasgroup, which houses its beverage brands.
Fruitas ended 2023 with a total of 817 stores, with 44 stores added last year.
The company said the modest increase in number of stores reflects its strategy of optimizing its store network and selectively opening new stores in high-density areas.
“The impressive financial performance of Fruitas Holdings in 2023 underscores our capability to deliver an exceptional outcome for all of our Fruitas brands. The successful integration of two acquisitions, Ling Nam and Fly Kitchen, into our business portfolio reflects our commitment to growth and diversification,” Fruitas president and chief executive officer Lester Yu said.
Fruitas completed the acquisition of Ling Nam in March 2023, which significantly contributed to the company’s revenue growth and profitability.
It also expanded its cloud kitchen business last year through the acquisition of Fly Kitchen.
“Additionally, the additional focus we are putting into our e-commerce business demonstrates our readiness to adapt to evolving consumer preferences and market trends,” Yu said.
“We are enthusiastic about our future growth as we embark on expanding our presence in strategic locations and enhancing our product offerings to better serve our customers,” he said.
Fruitas operates over 30 brands in its portfolio, which includes well-loved food concepts Fruitas Fresh from Babot’s Farm, Buko Loco, Balai Pandesal, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, Sabroso Lechon, Ling Nam and Fly Kitchen.