3Q2023 Highlights:
- Revenues for 3Q2023 climb to Php649.8 million, a 38.6% increase over the Php468.7 million earned in 3Q2022;
- 3Q2023 net income of Php26.7 million represents a notable 92.1% increase over 3Q2022 net income of Php13.9 million;
- EBITDA for 3Q2023 was Php97.3 million, up from Php76.0 million in 3Q2022 as a result of ongoing growth in network and improved performance in stores.
9M2023 Highlights:
- 9M2023 revenues expand to Php1.8 billion from the Php1.3 billion registered revenues in the same period last year;
- 9M2023 net income of Php70.2 million – significant upsurge of 62.3% compared to Php43.3 million net income in 9M2022;
- 9M2023 EBITDA at Php256.6 million compared to Php197.9 million in 9M2022 due to continuous store expansion and better retail performance.
Manila, Philippines – The leading operator of multi-format food and beverage stores, Fruitas Holdings, Inc., which is traded on the Philippine Stock Exchange under the symbol FRUIT, declared net income of Php26.7 million for 3Q2023, nearly doubles the reported bottomline of Php13.9 million in the same period last year. Despite the lack of seasonal uptick from sale of beverages in the second quarter, 3Q2023 sales of Php649.8 million outpaced 2Q2023 sales of Php624.1 million by 4.1%. Revenues for the first nine months of 2023 reached Php1.8 billion, a 42% increase from 9M2022 revenues of Php1.3 billion.
FRUIT successfully increased its net income margin to 3.9% in 9M2023 from 3.4% in the same period the previous year and marginally higher from the 3.8% reported in 1H2023 despite the challenges brought by economic headwinds. Consistent profit and margins are the outcome of the Group’s ongoing monitoring and control of its expenses apart from better retail performance and economies of scale. The 9M2023 EBITDA was P256.6 million, a 29.7% increase from P197.9 million in the 9M2022.
The consistent generation of cash flow has allowed FRUIT to maintain its strong financial position. The Group’s cash and cash equivalents rose from Php528.6 million at the end of 2022 to Php569.8 million at the end of September 2023. Equity increased from Php1,524.4 million at the end of 2022 to Php1,612.7 million at the end of September 2023.
There were 826 stores in the FRUIT network as of the end of October 2023. FRUIT plans to maintain a shrewd and methodical approach to its expansion while maintaining the speed at which its network is developing.
“With a strong third-quarter finish, House of Fruitas is well-positioned for sustained success in 2023’s last quarter. We are excited to take advantage of the growth opportunities presented by the upcoming quarter by offering pertinent products that will benefit our customers and stakeholders and establish the foundation for our vision to become a part of Filipinos’ everyday lives. We do this with a dedication to excellence, an unwavering focus on customer satisfaction, and a strategic vision,” said Mr. Lester C. Yu, FRUIT President and Chief Executive Officer.
3Q2023 vs. 3Q2022
| (Php millions) | 3Q2023 | 3Q2022 | % change YoY |
| Revenue | 649.8 | 468.7 | 38.6% |
| Gross Profit | 382.8 | 277.8 | 37.8% |
| EBITDA | 97.3 | 76.0 | 28.0% |
| Net income / (loss) | 26.7 | 13.9 | 92.1% |
| Margins | |||
| Gross profit margin | 58.9% | 59.3% | |
| EBITDA margin | 15.0% | 16.2% | |
| Net income/ (loss) margin | 4.1% | 3.0% |
9M2023 vs 9M2022
| (Php millions) | 9M2023 | 9M2022 | % change YoY |
| Revenue | 1,789.1 | 1,256.2 | 42.4% |
| Gross Profit | 1,054.5 | 761.8 | 38.4% |
| EBITDA | 256.6 | 197.9 | 29.7% |
| Net income / (loss) | 70.2 | 43.3 | 62.3% |
| Margins | |||
| Gross profit margin | 58.9% | 60.6% | |
| EBITDA margin | 14.3% | 15.8% | |
| Net income/ (loss) margin | 3.9% | 3.4% |
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