2023 Highlights:
- Revenues grew to Php2,469 million in 2023, 37% higher than 2022 revenues of Php1,799 million
- Gross profit increased to Php1,494 million, 42% higher than 2022 gross profit of Php1,052 million
- 2023 gross profit margin was at 60.5%, 2.0% higher than 2022 gross profit margin of
58.5%
- Pre-tax income expanded to Php158 million, 47% higher than 2022 pre-tax income of Php108 million
- Consolidated net income reached Php113 million in 2023, 37% higher than 2022 net income of Php82 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, achieved all-time high annual revenues of Php2,469 million in 2023, 37% ahead of the Php1,799 million revenues in 2022.
Revenue growth was broad-based across our subsidiaries, led by Balai ni Fruitas and Fruitasgroup. Balai ni Fruitas is anchored by Balai Pandesal, while Fruitasgroup houses our beverage brands. We also completed the acquisition of Ling Nam in March 2023, which significantly contributed to our revenue growth and profitability.
Revenue growth was largely driven by same-store sales growth and expansion of our ecommerce business. In 2023, we also expanded our cloud kitchen business through the acquisition of Fly Kitchen. As of end-2023, company had a total of 817 stores, adding 44 stores to the 773 stores as of end-2022. The modest increase in number of stores reflects the Company’s strategy of optimizing its store network and selectively opening new stores in high-density areas.
FRUIT generated a gross profit of Php1,494 million in 2023, a 42% increase from the Php1,052 million gross profit in 2022. Gross profit margin reached 60.5% in 2023 compared to 58.5% in 2022. The 2 percentage points increase in gross profit margin can be attributed to production efficiency improvement, sales price increase, and entry into higher-margin product categories. The gross profit increase also cushioned the impact of the escalation of operating expenses in 2023.
Pre-tax income reached Php158 million in 2023, expanding by 47% versus 2022 pre-tax income of Php108 million. The growth in pre-tax income outpaced revenue growth. FRUIT reported a consolidated net income of Php113 million in 2023, representing a 37% increase from the Php82 million net income recorded in 2022. The net margin remained steady at 4.6%.
“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. Additionally, the additional focus we are putting into our e-commerce business demonstrates our readiness to adapt to evolving consumer preferences and market trends. 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,” stated Mr. Lester C. Yu, President, and Chief Executive Officer of Fruitas Holdings Inc.
KEY FINANCIAL INDICATOR:
| (Php millions) | 2023 | 2022 | % change YoY |
| Revenue | 2,469 | 1,799 | 37% |
| Gross Profit | 1,494 | 1,052 | 42% |
| EBITDA | 358 | 287 | 25% |
| Pre-tax Income | 158 | 108 | 47% |
| Net income | 113 | 82 | 37% |
| Margins | |||
| Gross profit margin | 60.5% | 58.5% | |
| EBITDA margin | 14.5% | 16.0% | |
| Pre-tax income margin | 6.4% | 6.0% | |
| Net income Margin | 4.6% | 4.6% |
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