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Friday, March 29, 2024

Fruitas Holdings posted P82-m income in 2022

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Foodcart operator Fruitas Holdings Inc. said Tuesday net income in 2022 reached P82 million, a turnaround from a P16-million net loss in 2021 on the back of robust revenues.

Fruitas said in a stock exchange filing revenues jumped 63 percent to P1.8 billion from P1.1 billion, driven by strong same-store sales growth.

The company said despite lower store count, it still managed to achieve 92.5 percent of 2019 pre- pandemic revenues in 2022.

Fruitas had 770 stores as of end-2022, down from more than 1,000 stores before the pandemic in 2019.

“The exceptional performance of the entire Fruitas Holdings Group in 2022 inspires to do even better in the coming years. Despite the challenging environment, we were able to improve margins and generate returns for our shareholders,” Fruitas president and chief executive Lester Yu said. Jenniffer B. Austria

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