Fruitas Returns To Profitability

Fruitas Holdings, Inc. (FRUIT) returned to profitability in the second quarter of 2021 as it registered a net income of Php7 million.

Photo Insert: Part of the winning strategy of Fruitas is a diverse array of products.

Revenue further increased to Php263 million in 2Q 2021 from Php261 million in 1Q2021. Sales contribution from community stores in 2Q2021 already reached 15% in line with continued network expansion even as certain kiosks remained temporarily closed.

FRUIT’s network included 67 community stores as of June 30, 2021, which has grown to 80 as of August 15, 2021. This includes franchised Balai Pandesal stores, which came with the acquisition in June 2021, and new Balai Pandesal stores which were subsequently opened.

For the first half of 2021, revenue reached Php524 million, 13% higher than the Php462 million generated in 1H2020, but still 44% lower than the Php941 million in 1H2019.

Despite the significant drop in total revenue versus pre-pandemic levels of 2019, FRUIT’s average daily sales per store have already recovered to about 70% of the pre-pandemic level. For 2Q2021,

FRUIT posted a gross margin of 60.6%, which is better than the 59.2% gross margin in the comparable quarter in 2020 (2Q2020) and 58.1% gross margin in the pre-pandemic full year 2019.

FRUIT posted EBITDA of Php55 million in 2Q2021, its fourth straight quarter of positive EBITDA dating back to 3Q2020. The quarterly EBITDA in 2Q2021 was even higher than the Php54 million registered in 1Q2020, which was largely pre-pandemic.

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