Fruitas Holdings, Inc. on Tuesday reported a 27% increase in net income for the second quarter to P24.37 million from P22.95 million the prior year on the back of higher revenues.
In a regulatory filing, the company said that its top line rose by 21% to P624.11 million from P457.02 million in the same period last year.
Meanwhile, the company saw a 48% higher net income for the first half to P43.5 million from P29.3 million, driven by an increase in revenues.
“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 President and Chief Executive Officer Lester C. Yu said in a disclosure.
The company’s top line for the first semester grew by 44.9% to P1.14 billion from P787 million, driven by same-store sales growth, business expansion, and the addition of the Ling Nam store and Fly Kitchen operations.
The company said that it anticipates opening about 10 additional Ling Nam outlets for the rest of the year.
Fruitas announced earlier its acquisition of Fly Kitchen, Inc. whose brands include Hatid Pinoy, Jade Express, and Kanin at Sabaw. It expects to further accelerate sales through the acquisition.
“[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,” Mr. Yu said.
Fruitas reported a 54.11% increase in cost of sales to P467.6 million from P303.4 million a year prior.
“Despite inflationary pressures, gross profit margin in the first half of 2023 marginally declined versus the same period in 2022,” the company said.
As of June 2023, the company’s network had a total of 822 stores ahead of an anticipated opening of at least 50 additional locations in the last two quarters of the year.
“[Fruitas] intends to keep up its rapid network development while retaining a smart and systematic approach to its growth,” the company said. — Adrian H. Halili