Fruitas Holdings Posts 35% Net Income Growth and Expands Margins in 9M2024

9M2024 Highlights:

• Revenues expanded to Php2.1 billion in 9M2024, 19% higher than 9M2023 revenues of Php1.8 billion;
• Gross margin increased to 60.0% in 9M2024.
• EBITDA increased to Php305 million in 9M2024, 18% higher than 9M2023 EBITDA of Php259 million;
• EBITDA margin expanded to 14.4% in 9M2024, from 14.3% in the same period in 2023.
• Pre-tax income grew significantly to Php132 million in 9M2024, 32% higher than 9M2023 pre-tax income of Php100 million;
• Consolidated net income nearly reached the hundred million peso mark or Php95 million in 9M2024, 35% higher than 9M2023 net income of Php70 million.

Manila, Philippines – Fruitas Holdings, Inc., the leading operator of multi-format food and beverage retail stores, listed on the Philippine Stock Exchange under the symbol FRUIT, achieved a record-breaking Php 2.121 billion in sales for the first nine months of 2024, representing a 19% increase from Php 1.789 billion in the same period in 2023. The Company also delivered a remarkable 35% growth in consolidated net income, which surged to Php 95 million, up from Php 70 million in 9M2023 — an increase of Php 25 million. As a result of these strong financial results, net profit margin expanded by 60 basis points, rising from 3.9% in 9M2023 to 4.5% in 9M2024, reflecting improved operational efficiency and robust financial performance.

FRUIT posted impressive growth in gross profit for the first nine months of 2024, reaching Php 1.273 billion — an increase of 21% compared to Php 1.054 billion during the same period in 2023. Gross margin expanded significantly by 1.1 percentage points, reflecting the Company’s resilience and ability to adapt to the dynamic market environment. EBITDA for 9M2024 also showed strong growth, reaching Php 305 million, up 19% from Php 259 million in 9M2023. The EBITDA margin slightly improved to 14.4%, surpassing the 14.3% margin achieved in the same period last year by 10 basis points.

The Company’s pre-tax income grew by Php132 million as of September 30, 2024, up by 32% from the Php100 million pre-tax income in the same period in 2023.

FRUIT has solidified its position as a key player in the food and beverage industry through its diversified, multi-format store network operating across the Philippines. As of September 30, 2024, the company reported a total of 851 stores nationwide. This includes 732 kiosks/carts/in-line stores, 105 community stores, and 14 cloud kitchens & restaurants, highlighting the company’s broad reach and adaptability to various market segments.

FRUIT’s same-store sales growth (SSSG) surged by 10.7%, or Php 135 million, year-over-year (YoY), driven primarily by its Fruitas brand, which includes a popular range of fruit-based juices, shakes, and other offerings. In addition, Ling Nam, the company’s flagship brand in the dining sector, and Balai Pandesal, a leading brand in the pastry segment, were pivotal in driving the strong revenue performance. Notably, Ling Nam Food Inc. (LFI), a subsidiary of FRUIT, experienced remarkable expansion, increasing its number of locations by 114%, to 45 current locations from 21 in the same period of 2023.

“Our performance over the past nine months has been outstanding, both in terms of revenue growth and operational efficiency. This success is a direct result of our unwavering commitment to enhancing our product offerings and delivering the highest-quality world-class “Made by Filipinos” products to our valued consumers. As we enter the final quarter of 2024, the Fruitas team is excited to further expand our presence nationwide, making our wide range of Fruitas products even more accessible to our customers,” remarked Mr. Lester C. Yu, FRUIT President and Chief Executive Officer.

Key Financial Indicators

9M2024 vs 9M2023