Fruitas earnings grow 20% in Q1

Fruitas Holdings Inc. (FHI), the listed food and beverage kiosk operator, reported a net income of P121 million in 2019, up 20 percent year on year.

Consolidated core net income stood at P125 million last year, up 34 percent.

Among its different business groups, Negril Trading, which primarily houses FHI’s key food brands De Original Jamaican Pattie and Sabroso Lechon, performed well and registered a growth of 43 percent.

“We are pleased with our 2019 results, with sales and net income increasing above 20 percent. Our acquisitions and investments in store network development contributed positively. We look forward to regaining momentum in increasing our sales and profits as effects from the imposed quarantine due to the COVID-19 pandemic subside,” FHI president and chief executive officer Lester Yu said.

In terms of sales from the regions, FHI’s net sales contribution from Visayas and Mindanao grew by 39 percent in 2019.

Gross profit margin was 58.1 percent, largely in line with the first half figure of 2019.

Core net income excludes the impact of some IPO expenses charged to profit and loss in 2019 and the one-off gain from bargain purchase in 2018.

Reported net income of P121 million in 2019 grew by 20 percent compared to P100 million in 2018.

As a result of its initial public offering completed in November 2019, Fruitas boosted its equity base to P1.31 billion. It was also able to pare its bank loans to below P200 million.