Fruitas Holdings reports record-breaking sales of Php 1.4 billion in 1H2024; Net income surges by nearly 50%

1H2024 Highlights:

• Revenues expanded to Php1.4 billion in 1H2024, 21% higher than 1H2023 revenues of Php1.1 billion;
• 1H2024 gross margin stood at 59.6%, a slight increase from same period in 2023
• EBITDA increased to Php207 million in 1H2024, 31% higher than 1H2023 EBITDA of Php159 million;
• EBITDA margin of 15% in 1H2024 outpaced 1H2023 EBITDA margin of 14%;
• Pre-tax income grew significantly to Php91 million in 1H2024, 62% higher than 1H2023 pre-tax income of Php56 million;
• Consolidated net income reached Php65 million in 1H2024, 49% higher than 1H2023 net income of Php44 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, reported record-breaking financial results for the first half of 2024. The company achieved significant sales momentum and margin expansion, with revenues rising by 21% to Php1.4 billion, up from Php1.1 billion in 1H2023. This is attributed to broad-based growth of key businesses, including Fruitas beverages, Balai Pandesal, and Ling Nam. FRUIT also experienced a modest increase in gross margin, improving from 59.0% in 1H2023 to 59.6% in 1H2024, with a focus on higher-margin products. EBITDA surged by 31% to Php207 million in 1H2024, compared to Php159 million in the same period last year. EBITDA margin increased from 14.0% in 1H2023 to 15.0% in 1H2024, driven by strategic pricing and leveraging economies of scale. Pre-tax income saw a remarkable growth of 62%, reaching Php91 million in 1H2024, up from Php56 million in 1H2023. The Group anticipates to accelerate its sales in the coming quarters with plans to further diversify House of Fruitas’ product lineup. Meanwhile, capital expenditures will be geared towards increasing capacity for the Group’s key businesses, while keeping tight cost control. By the end of June 2024, FRUIT’s network expanded to 834 stores. The Group projects the addition of at least 20 more locations in the final two quarters of the year. “Our performance in the first half of 2024 is testament to the Group’s ability to seize high-value opportunities across our diverse portfolio. Despite continued challenges, we have consistently achieved rising profits and increased margins. In the coming quarters, we intend to prepare for the future by increasing capacity to sustain our growth,” remarked Mr. Lester C. Yu, President and Chief Executive Officer of Fruitas Holdings Inc.
  
  
  Key Financial Indicators