Food kiosk king Lester Yu successfully navigated the pandemic as it swung to a P43 million profit in the nine months through September from a P16 million net loss on the back of robust sales amid the easing of movement restrictions.
Revenues jumped 62.7 percent to P1.26 billion despite high inflation which has resulted in higher material costs.
For the third quarter, Fruitas reversed its net loss with a net income of P14 million as revenues surged 89 percent to P469 million.
Fruitas continues to expand its supplier base and improve raw material sourcing to manage the raw material price hikes.
EBITDA margin improved to 15.8 percent as Fruitas continued to benefit from improved store performance and economies of scale.
Fruitas ended October with 750 stores as it added 30 outlets in the last three months.
Given improved market conditions, Yu is further ramping up the group’s expansion with about 50 stores to be opened in the next few months.
“We are seeing significantly improved results as the economy continues to recover from the pandemic. While we currently face the challenge of high inflation, we are committed to continue delivering value to our shareholders. We also continue to pursue new product offerings and to expand our distribution channels to be easily accessed by our valued customers,” said Yu, Fruitas president and CEO.