Manila, Philippines – Balai ni Fruitas Inc. (BALAI) maintained its growth momentum and reported Php249 million in revenues and Php25 million in net income in the first half of 2023. 1H2023 revenues are up 72% versus 1H2022 and 1H2023 net income is up 68% versus 1H2022.

As BALAI continues to benefit from economies of scale and better retail performance, EBITDA margin remained solid at 18% for 1H2023. 1H2023 EBITDA was at Php46 million compared to Php29 million in 1H2022. The Company’s greatly improved financial performance has been facilitated by the expansion of Balai Pandesal and the seasonally strong demand for the products of the Company’s other brands.

Strong cash flow generation has allowed BALAI to maintain its excellent financial position. Cash and cash equivalents increased from Php255 million as of end of 2022 to Php290 million as at end-June 2023 which shall allow the company to be more aggressive in its strategic initiatives by growing its store network and introducing new offerings. BALAI’s equity increased to Php426 million as at end-June 2023 from Php409 million at the end of 2022.

The Company was able to add 17 new stores during the first half of 2023, increasing the total number of locations to 115 from 98 as of end-2022. As of June 30, 2023, there were 64 Balai Pandesal outlets with the balance comprising Buko ni Fruitas and Fruitas House of Desserts outlets. Through the network of FRUIT, customers can find Balai Pandesal items in over 20 additional community stores.

“We are thrilled with the outstanding first half 2023 results. Our dedication to quality, innovation, and customer satisfaction has fostered remarkably strong growth. This accomplishment demonstrates our unwavering commitment to provide top-notch goods and services. In the second half of the year, we are eager to build on this momentum and keep exceeding expectations,” said Mr. Lester Yu, BALAI President and Chief Executive Officer.

BALAI plans to continue expanding its product line and investing in new markets and technologies in order to sustain its growth trajectory. The Company is dedicated to delivering greater value to its clients and shareholders by pursuing sustainable growth and enhancing operating and financial performance.