Bakery chain operator Balai ni Fruitas Inc. said Wednesday net income in the first six months of 2023 jumped 68 percent to P25 million from P16 million in the same period last year amid rapid store rollout.
First-half consolidated revenues surged 72 percent to P249 million as the company continued to benefit from economies of scale and better retail performance.
The company, in a disclosure to the stock exchange, attributed the significant improvement in financial performance to the expansion of Balai Pandesal and the seasonally strong demand for the products of other brands.
The company said the increased cash-flow enabled it to be more aggressive with its strategic initiatives by growing its store network and introducing new offerings.
The group added 17 stores in the first half of 2023, increasing the total number of locations to 115 from 98 as of end-2022.
“We are thrilled with the outstanding first half 2023 results. Our dedication to quality, innovation and customer satisfaction has fostered remarkably strong growth. In the second half of the year, we are eager to build on this momentum and keep exceeding expectations,” said BALAI president and chief executive Lester Yu.
BALAI plans to continue expanding its product line and investing in new markets and technologies to sustain its growth trajectory.
The share price of BALAI rose 3.7 percent to close at P0.55 Wednesday.
