Listed Balai ni Fruitas Inc. on Thursday said its income in the first three months of the year rose 62 percent to P9.6 million from the previous year’s P6 million on higher sales.
Revenues for the period went up by 88 percent to P114 million from the previous year’s P61 million.
Despite the lack of a seasonal upswing from the Christmas holidays, revenue performance in the first quarter was 7 percent higher than in the last quarter of 2022.
“In first quarter of 2023, we were able to open new stores in strategic locations to better serve existing clients and draw in new clients. We also further expanded our distribution digitally. We intend to replicate this success in subsequent periods. Our clients can continue to expect top-quality products coupled with exceptional customer service from Balai,” Lester Yu, the company’s president and CEO, said.
Despite pressures from inflation, the gross profit margin for the first quarter was 50 percent, a slight decline from the recorded 51 percent gross profit margin last year.
The company said the expansion of its retail network to 110 as of the end of the first quarter from 98 as of the end of 2022, together with continued same-store sales growth, helped it achieve higher sales quarter-over-quarter.
Balai said it continues to expand its physical community store locations, promote its delivery channels, and partner with other food retailers to further broaden its distribution channels. The company said its baked goods are also made available through the store network of the Fruitas Group, such as Soy and Bean and Babot’s Farm, apart from Balai Pandesal outlets.
In April, the unit of Fruitas Holdings Inc. said its income in 2022 reached P37 million, four times higher than the previous year’s P8.5 million.
Revenues for 2022 more than doubled to P341 million from the previous year’s P149 million. It has expanded the number of stores to 98 by the end of 2022 from the previous year’s 77.
