Fruitas Holdings Inc., a food and beverage kiosks operator, on Tuesday said its income in the first quarter tripled to P19.2 million from P6.4 million recorded a year ago.
Revenues rose by half to P515 million from P330 million last year, the company said.
“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,” Lester Yu, Fruitas president and CEO, said.
As of end-March, the company 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.
The company’s purchase of Ling Nam restaurant through Lingnam Food Inc., now an indirect wholly-owned subsidiary of Fruitas, was completed on March 1.
Ling Nam celebrated its 73rd anniversary this month.
The company said its entry into the Asian casual dining space thru Ling Nam will diversify its revenue base. At the same time, the company is executing several initiatives to maximize synergies with Ling Nam, among which are the sale of Fruitas products in Ling Nam restaurants, opening of kiosks and stalls under the Ling Nam brand and the sale of Ling Nam products alongside the company’s other brands in digital channels.