2022 Highlights:
- 2022 revenue increased by 63% to Php1,799 million versus Php1,102 million in 2021
- 2022 EBITDA increased by 119% to Php287 million versus 2021 EBITDA of Php131 million; 2022 EBITDA margin at 16.0% compared to only 11.9% in 2021
- 2022 consolidated net income of Php82 million, a significant reversal from the 2021 net loss of Php16 million
- Total of Php221 million delivered to Fruitas shareholders in 2022 – Php77 million net income attributable to Fruitas shareholders and Php144 million in incremental equity reserves from the listing of Balai ni Fruitas (“BALAI”) shares
Manila, Philippines – Fruitas Holdings Inc., leading food and beverage store operator traded on the Philippine Stock Exchange under symbol FRUIT, registered Php1,799 million in revenue, a 63% increase from Php1,102 million in 2021. The revenue increase was driven by strong samestore sales growth. Despite having just over 770 stores as of end-2022, compared to more than 1,000 stores as of end-2019, FRUIT already achieved 92.5% of 2019 pre- pandemic revenues in 2022. The 2022 revenue still does not include contribution from Ling Nam, which acquisition was recently closed in March 2023.
FRUIT generated 2022 consolidated net income of Php82 million, which translates to 4.6% net margin. The consolidated net income in 2022 has wiped out the net losses of Php16 million in 2021 and Php48 million in 2020.
FRUIT delivered Php221 million of shareholder value in 2022. Net income attributable to FRUIT shareholders in 2022 was at Php77 million, equivalent to 2022 consolidated net income less the share of minority shareholders of BALAI in its net income post-listing. Php144 million in incremental equity reserves from the listing of BALAI shares. The incremental equity reserves represent excess value over cost of investments as FRUIT was able to price the BALAI shares at a significant premium to its investment during the IPO.
Better store economics and controlled management of operating expenses led to an increase in FRUIT’s EBITDA to Php287 million in 2022, 119% increase from Php131 million in 2021. EBITDA margin settled at 16.0% for 2022 from 11.9% for 2021. 2022 EBITDA margin of 16.0% was even higher than the 15.0% margin registered in 2019 prior to the pandemic.
“The exceptional performance of the entire Fruitas Holdings Group in 2022 inspires to do even better in the coming years. Despite the challenging environment, we were able to improve margins and generate returns for our shareholders. We were able to unlock the value of Balai ni Fruitas via listing. We expect all Fruitas brands to perform better this year and we will strongly invest in our recent acquisitions, Balai Pandesal and Ling Nam, to achieve our growth targets,” said Mr. Lester Yu, Fruitas Holdings Inc. President and Chief Executive Officer.
2022 vs 2021 Performance
| (Php millions) | 2022 | 2021 | % change YoY |
| Revenue | 1,799 | 1,102 | 63% |
| EBITDA | 287 | 131 | 119 % |
| Net income / (loss) | 82 | (16) | |
| Margins | |||
| EBITDA margin | 16.0% | 11.9% | |
| Net income / (loss) margin | 4.6% | -1.5% |
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