LISTED food and beverage company Balai Ni Fruitas, Inc. reported a net income of P37 million in 2022, more than four times higher than P8.5 million in the previous year due to higher revenues, the company said on Wednesday.
“This is an outstanding accomplishment for Balai. Our dedication to providing outstanding products and excellent customer experience has made us stand out in the market and draw in new clients,” said Lester C. Yu, the company’s president and chief executive officer, in a stock market disclosure.
In 2022, Balai Ni Fruitas recorded P341 million in revenues, more than double the P149 million in the prior year.
“Balai achieved significant revenue growth while continuing to manage its operating expenses,” the company said.
The company’s earnings before interest, taxes, depreciation, and amortization went up to P68 million in 2022.
“Balai’s growth has already surpassed our initial estimates, and we aim to accelerate the growth even more by strategic store expansion, continuous product development, and curating third-party products to be made available through our platform,” Mr. Yu added.
Balai is a 75%-owned subsidiary of Fruitas Holdings, Inc. It has three brands in its portfolio, namely: Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts.
The company operates more than 90 stores for its three brands. Its Balai Pandesal business grew to more than 40 stores from eight.
“[The company] wants to maintain its growth trajectory by broadening its product selection, and making investments in new markets and technologies,” it said.
“[It] is committed to giving its clients and shareholders increased value through pursuing sustainable growth and improving business financials,” the company added.
Balai shares jumped 3.39% or two centavos to close at P0.61 apiece on Wednesday. — Adrian H. Halili