Fruitas triples net income and grows revenue by 56% in 1Q2023 versus 1Q2022; Completion of Ling Nam acquisition to boost financial performance

16 May 2023

1Q2023 Highlights:

• 1Q2023 revenue increased by 56% to Php515 million from Php330 million in 1Q2022;
• 1Q2023 EBITDA at Php74 million, 40% higher than the Php53 million in 1Q2022;
• 1Q2023 net income at Php19.2 million, three times 1Q2022 net income of Php6.4 million;
• FRUIT’s entry into the Asian casual dining space through the recently completed acquisition of the Ling Nam business expected to boost financial performance.

Manila, Philippines – Fruitas Holdings Inc., a leading food and beverage retail operator traded on the Philippine Stock Exchange under the symbol FRUIT, reported Php515 million in revenue and Php19.2 million in net income during the first quarter of 2023.  1Q2023 revenue was 56% higher than 1Q2022 and 22% better than the pre-pandemic 1Q2019 level. FRUIT generated EBITDA of Php74 million in 1Q2023, up 40% from Php53 million in 1Q2022. FRUIT saw net income in 1Q2023 increase to Php19.2 million, three times the Php6.4 million net income in 1Q2022. FRUIT expects to further boost its topline and bottomline with the addition of the Ling Nam brand to its portfolio. As of end-March 2023, FRUIT had a network of more than 800 stores, and has added about 10 additional locations since then. The Group identified a number of areas for the expansion of its network both inside and outside of Metro Manila, one of which is the recently announced Ling Nam restaurant in Zamboanga, which is anticipated to open in the third quarter of 2023.

FRUIT’s purchase of legacy brand Ling Nam through Lingnam Food Inc., an indirect wholly-owned subsidiary of FRUIT, was completed on March 1, 2023. Ling Nam celebrated its 73rd anniversary this month.  FRUIT’s entry into the Asian casual dining space thru Ling Nam will diversify its revenue base.  At the same time, FRUIT is executing several initiatives to maximize synergies with Ling Nam.  Among these initiatives are the sale of products from FRUIT’s other brands in Ling Nam restaurants, opening of kiosks and stalls under the Ling Nam brand, and the sale of Ling Nam products alongside FRUIT’s other brands in digital channels. 

“We expect to keep putting in strong performances in the upcoming quarters through a combination of organic growth and contribution from recent acquisitions. To promote sustainable growth and profitability, we will continue to invest in our brands, channels, customers, and employees. The Company is also in various stages of discussion with additional prospective targets which fit our portfolio,” said Mr. Lester Yu, Fruitas Holdings Inc. President and Chief Executive Officer. 

First Quarter 2023 (versus First Quarter 2022) performance

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