MANILA -Food kiosk king Lester Yu’s Fruitas Holdings booked a profit spike during the first nine months of the year after posting better margins amid cost pressures caused by soaring inflation.
From January to September this year, Fruitas’ net income jumped 62.3 percent from year-ago level to P70.2 million while revenues expanded by 38 percent to P1.8 billion in the same period, a stock exchange filing on Monday showed.
Earnings before interest, taxes, depreciation, and amortization also climbed nearly 30 percent to P256.6 million.
Yu, the president and CEO of Fruitas, said the strong nine-month results came as earnings during the third quarter surged by 92.1 percent to P26.7 million while revenue expanded by 38.6 percent to P649.8 million.
“With a strong third-quarter finish, House of Fruitas is well-positioned for sustained success in 2023’s last quarter,” Yu said in a statement on Monday.
“We are excited to take advantage of the growth opportunities presented by the upcoming quarter by offering pertinent products that will benefit our customers and stakeholders and establish the foundation for our vision to become a part of Filipinos’ everyday lives. We do this with a dedication to excellence, an unwavering focus on customer satisfaction, and a strategic vision,” he added.
READ: BIZ BUZZ: Wanted: Fruitas business partners
Fruitas also saw expanded margins despite cost pressures and other “economic headwinds”.
Net income margin during the nine-month period increased to 3.9 percent from 3.4 percent last year.
“Consistent profit and margins are the outcome of the group’s ongoing monitoring and control of its expenses apart from better retail performance and economies of scale,” the company said.
Fruitas, whose kiosk brands include Fruitas Fresh from Babot’s Farm and De Original Jamaican Pattie, had 826 stores at the end of October this year.
“[Fruitas] plans to maintain a shrewd and methodical approach to its expansion while maintaining the speed at which its network is developing,” the company said.
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