3Q2022 Highlights:
- 3Q2022 revenue at Php469 million, 89.0% higher than the Php248 million revenue in 3Q2021;
- 3Q2022 EBITDA at Php76 million, 3.2x 3Q2021 EBITDA of Php24 million;
- 3Q2022 net income of Php14 million, a significant reversal of 3Q2021 net loss of Php8 million.
9M2022 Highlights:
- 9M2022 revenue increased by 62.7% to Php1,256 million versus Php772 million in 9M2021;
- 9M2022 gross margin was maintained at 60.6% versus 60.9% in 9M2021 despite high inflation;
- 9M2022 EBITDA at Php198 million, more than double 9M2021 EBITDA of Php93 million; 9M2022 EBITDA margin at 15.8%, compared to only 12.0% in 9M2021;
- 9M2022 net income of Php43 million, a significant reversal of 9M2021 net loss of Php16 million.
Manila, Philippines – Leading food and beverage kiosk and community store operator, Fruitas Holdings Inc., listed on the Philippine Stock Exchange under the symbol FRUIT, posted Php1,256 million of revenues and Php43 million of net income in the first nine months of 2022. 9M2022 revenue increased by 62.7% versus Php772 million in 9M2021 and the Php43m 9M2022 net income was a reversal of the 9M2021 net loss of Php16 million.
3Q2022 revenues of Php469 million was 89.0% higher than 3Q2021 revenues of Php248 million. The third quarter of the year is usually FRUIT’s weakest quarter based on sales performance. However, 3Q2022 showed resilience and continued momentum as FRUIT recorded a 2.5% increase versus 2Q2022 revenues of Php457 million. The sales growth momentum demonstrates the effectiveness of
FRUIT’s strategies as it recovers post-pandemic.
For 9M2022, FRUIT recorded a gross margin at 60.6%, which is just slightly below the 60.9% gross margin in 9M2021 despite high inflation which is causing raw material prices to rise. On top of strategic price increases, the Group continues to expand its supplier base and improve raw material sourcing to manage the raw material price hikes. EBITDA margin improved to 15.8% for 9M2022 from 12.0% for 9M2021 as FRUIT continued to benefit from improved store performance and economies of scale.
9M2022 EBITDA was at Php198 million compared to Php93 million in 9M2021.
As of end of October 2022, FRUIT had about 750 stores, adding about 30 stores in the last three months. FRUIT is further ramping up expansion with about 50 stores to be opened in the next few months.
“We are seeing significantly improved results as the economy continues to recover from the pandemic. While we currently face the challenge of high inflation, we are committed to continue delivering value to our shareholders. We also continue to pursue new product offerings and to expand our distribution channels to be easily accessed by our valued customers,” said Mr. Lester Yu, Fruitas Holdings Inc. President and Chief Executive Officer.
9M2022 vs 9M2021
| (Php millions) | 9M2022 | 9M2021 | % change YoY |
| Revenue | 1,256 | 772 | 63% |
| Gross Profit | 762 | 470 | 62% |
| EBITDA | 198 | 93 | 113% |
| Net income / (loss) | 43 | (16) | |
| Margins | |||
| Gross profit margin | 60.6% | 60.9% | |
| EBITDA margin | 15.8% | 12.0% | |
| Net income / (loss) margin | 3.4% | -2.1% |
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