Fruitas Holdings Inc.’s net sales were maintained at the Php330 million level in the first quarter of 2022, the same level as the fourth quarter of 2021. This was achieved despite the lack of seasonal uptick from the Christmas season, including Lechon sales, in the first quarter of 2022 and the Level 3 restrictions imposed in January 2022. 

Revenue performance for 1Q2022 was 26% higher than in the same quarter of 2021, and already 88% of the 1Q2020 revenue level even with less number of stores. For 1Q2022, Fruitas posted a gross margin of 62.2%, which is better than the 61.9% gross margin in 2021 and 60.7% in the comparable quarter in 2020 (1Q2020). 

Fruitas posted EBITDA of Php53 million in 1Q2022, with EBITDA being consistently positive dating back to 3Q2020. Fruitas registered a net income of Php6 million in 1Q2022, higher than the breakeven of 4Q2021, but a significant improvement from a net loss of Php16 million in 1Q2021. 

FRUIT had about 700 stores in its network in March 2022 and had already added about 10 stores in 2022 until May 23, 2022. 

The registration statement for the IPO of Balai ni Fruitas, Inc. (BALAI), a wholly-owned subsidiary of FRUIT, was formally received by the Securities and Exchange Commission (SEC) on February 17, 2022. BALAI shares are targeted to be listed on the Small, Medium, and Emerging Boards of the Philippine Stock Exchange (PSE). However, the IPO of BALAI and the timing of the IPO are subject to compliance with the requirements of the SEC and PSE, obtaining approvals from the SEC and PSE.

“We are fully committed to delivering value to our shareholders by improving operations and profitability. The potential IPO of BALAI will be an important exercise for us, which we expect to complete in the first half of 2022,” said Mr. Lester Yu, Fruitas Holdings Inc.’s President, and Chief Executive Officer.