BALAI NI FRUITAS, Inc. reported a net income of P9 million in the second quarter, nearly five times higher than the earlier year’s P2 million, after posting improved store performance while continuing its business expansion.
The company also said that its revenues for the second quarter increased to P84 million, more than three times higher than its previous year’s top line.
Balai made its debut on the Philippine Stock Exchange (PSE) on June 30 with 1.49 billion primary and secondary shares listed on the small, medium, and emerging (SME) board at P0.70 apiece.
“The successful listing on the SME board of the PSE will allow us to expand faster. We envision Balai Pandesal to be present in major cities of the country and can be easily accessed by Filipinos,” Balai President and Chief Executive Officer Lester C. Yu said in a press release on Monday.
For the first six months of the year, the company said its net income hit P15 million, 18 times more than the P800,000 recorded last year.
First-half revenues almost tripled to P145 million from the last year’s P56 million.
“The 2022 first-half performance is a testament [to] the ability of the company to face increasing raw material costs and still protect its margins. We shall continue to create new product offerings which will bring happiness to our customers,” Mr. Yu said.
In the first half, Balai added seven stores to its network, bringing the total store count to 84 from 77 previously.
Of the 84 stores, 38 are Balai Pandesal, which the company is planning to expand to 80 by the end of 2022.
“With the Balai Pandesal commissary expected to be functional within Q32022 (third-quarter 2022), BALAI is on track to increase the number of Balai Pandesal stores to 80 by the end of 2022,” the company stated.
Balai is a wholly owned subsidiary of Fruitas Holdings, Inc. It has three brands in its portfolio, namely: Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts.
On the stock market on Monday, Balai’s shares increased by 4.55% or P0.03 to P0.69 apiece. — Justine Irish D. Tabile