Fruitas to open 50 stores in 2023

MANILA, Philippines — Fruitas Holdings Inc. reported they were keen on opening 50 more stores and introducing brands from their portfolio this year. 

In a disclosure sent to the Philippine Stock Exchange on Friday, Fruitas indicated this store network expansion plan will cover brands in its portfolio, namely Ling Nam Noodle Factory and Wanton Parlor, De Original Jamaican Pattie and Juice Bar, Fruitas fresh from Babot’s Farm, and Balai Pandesal.

The company completed the acquisition of Ling Nam, a 73-year-old casual dining restaurant chain, in March.

The listed food and beverage retail operator saw its bottom line skyrocket 200% year-on-year to P19.2 million in the first quarter. The recovery came due in part to the domestic economy’s reopening towards the end of 2022.

That said, the company disclosed they were eager to see revenues expand by at least 30% in 2023. Fruitas’ revenues surged 63% to P1.79 billion in 2022, fueled by same-store sales growth.

Shares in Fruitas ended trading on Friday 0.91% down to P1.09 apiece. — Ramon Royandoyan