Fruitas Holdings registers 24% revenue growth and 70% pre-tax income growth in 1Q2024

1Q2024 Highlights:

• Revenues grew to Php640 million in 1Q2024, 24% higher than 1Q2023 revenues of Php515 million;
• 1Q2024 gross margin stood at 59% in spite of continuing challenges from inflation;
• EBITDA increased to Php99 million in 1Q2024, 34% higher than 1Q2023 EBITDA of Php74 million; 
• EBITDA margin of 15% in 1Q2024 outpaced 1Q2023 EBITDA margin of 14%;
• Pre-tax income expanded significantly to Php41 million in 1Q2024, 70% higher than 1Q2023 pre-tax income of Php24 million;
• Consolidated net income reached Php29.8 million in 1Q2024, 55.6% higher than 1Q2023 net income of Php19.2 million.

Manila, Philippines – Fruitas Holdings, Inc., the leading operator of multi-format food and beverage stores, listed on the Philippine Stock Exchange under the symbol FRUIT, reported exceptional financial performance for the first quarter of 2024. The company achieved revenues of Php640 million in 1Q2024, a 24% or Php125 million increase from the Php515 million recorded in the same period in 2023. The company posted consolidated net income of Php29.8 million in 1Q2024, a remarkable increase of Php11 million or 56% versus Php19.2 million in 1Q2023. 

The notable growth is attributable to robust same-store sales, particularly driven by Fruitasgroup Inc., its largest subsidiary, which capitalized on the peak season for its beverage offerings. The expansion of Ling Nam also played a substantial role, contributing significantly to the group’s profitability. Ling Nam’s footprint expanded with six new stores opened in the first quarter alone, strategically located to maximize market penetration and customer reach.

In 1Q2024, Fruitas Holdings generated a gross profit of Php377 million, marking a 24% increase from Php304 million in 1Q2023. Despite inflationary pressures, the company’s gross profit margin remained strong at 59%, showcasing its ability to manage direct costs and reflecting its push towards higher-margin products. The company’s EBITDA saw an impressive 34% increase, reaching nearly Php99 million in 1Q2024, up from Php74 million in 1Q2023. The EBITDA margin improved to 15% in 1Q2024 from 14% in 1Q2023, highlighting the group’s enhanced operational efficiency. Pre-tax income surged by 70% to Php41 million in 1Q2024, compared to Php24 million in the same period last year. The combination of strong revenue growth and a disciplined store rollout contributed to the remarkable surge in pre-tax income.

As of the end of the first quarter of 2024, FRUIT expanded its store network to a consolidated total of 825 locations across its diverse portfolio. This continued expansion underscores the company’s commitment to broadening its market presence and making its products more accessible to consumers. The group is also tapping into the growing demand for online food delivery services through its proprietary online platform, BalaiMart, and partnerships with thirdparty food delivery aggregators like GrabFood and FoodPanda. This digital expansion not only diversifies revenue streams but also positions FRUIT to cater to the evolving consumer preferences for convenience and quick service.

“The group concluded the first three months of 2024 on a strong note, showcasing sustained growth across our operations. This success is a testament to our team’s solid foundation and commitment to re-affirming our relevance and competitive edge in the Philippine food and beverage industry. We are even more eager to face the succeeding quarters of this year, as we have numerous innovations and offerings planned for our cherished Filipino consumers. This growth trajectory also enhances our capacity to deliver long-term value to our stakeholders,” stated Mr. Lester Yu, President and Chief Executive Officer of Fruitas Holdings, Inc.

Key Financial Indicators

1Q2024 vs 1Q2023

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