C02222-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Apr 16, 2024
2. SEC Identification Number
CS201503014
3. BIR Tax Identification No.
008-961-476-000
4. Exact name of issuer as specified in its charter
FRUITAS HOLDINGS INC
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
60 CORDILLERA ST. COR. E. RODRIGUEZ SR. AVE. QUEZON CITY Postal Code 1113
8. Issuer's telephone number, including area code
(02)8243-1741
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
FRUIT 2,133,680,000
11. Indicate the item numbers reported herein
ITEM NO. 9 - OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Fruitas Holdings, Inc.FRUIT

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Fruitas Holdings achieves all-time high revenues of Php2.5bn in 2023, 37% higher than 2022; Pre-tax income expands by 47%
Background/Description of the Disclosure

2023 Highlights:
• Revenues grew to Php2,469 million in 2023, 37% higher than 2022 revenues of Php1,799 million
• Gross profit increased to Php1,494 million, 42% higher than 2022 gross profit of Php1,052 million
• 2023 gross profit margin was at 60.5%, 2.0% higher than 2022 gross profit margin of 58.5%
• Pre-tax income expanded to Php158 million, 47% higher than 2022 pre-tax income of Php108 million
• Consolidated net income reached Php113 million in 2023, 37% higher than 2022 net income of Php82 million

Manila, Philippines – Fruitas Holdings, Inc., the leading operator of multi-format food and beverage stores, listed on the Philippine Stock Exchange under the symbol FRUIT, achieved all-time high annual revenues of Php2,469 million in 2023, 37% ahead of the Php1,799 million revenues in 2022.

Revenue growth was broad-based across our subsidiaries, led by Balai ni Fruitas and Fruitasgroup. Balai ni Fruitas is anchored by Balai Pandesal, while Fruitasgroup houses our beverage brands. We also completed the acquisition of Ling Nam in March 2023, which significantly contributed to our revenue growth and profitability.

Revenue growth was largely driven by same-store sales growth and expansion of our e-commerce business. In 2023, we also expanded our cloud kitchen business through the acquisition of Fly Kitchen. As of end-2023, company had a total of 817 stores, adding 44 stores to the 773 stores as of end-2022. The modest increase in number of stores reflects the Company’s strategy of optimizing its store network and selectively opening new stores in high-density areas.

FRUIT generated a gross profit of Php1,494 million in 2023, a 42% increase from the Php1,052 million gross profit in 2022. Gross profit margin reached 60.5% in 2023 compared to 58.5% in 2022. The 2 percentage points increase in gross profit margin can be attributed to production efficiency improvement, sales price increase, and entry into higher-margin product categories. The gross profit increase also cushioned the impact of the escalation of operating expenses in 2023.

Pre-tax income reached Php158 million in 2023, expanding by 47% versus 2022 pre-tax income of Php108 million. The growth in pre-tax income outpaced revenue growth. FRUIT reported a consolidated net income of Php113 million in 2023, representing a 37% increase from the Php82 million net income recorded in 2022. The net margin remained steady at 4.6%.

"The impressive financial performance of Fruitas Holdings in 2023 underscores our capability to deliver an exceptional outcome for all of our Fruitas brands. The successful integration of two acquisitions, Ling Nam and Fly Kitchen, into our business portfolio reflects our commitment to growth and diversification. Additionally, the additional focus we are putting into our e-commerce business demonstrates our readiness to adapt to evolving consumer preferences and market trends. We are enthusiastic about our future growth as we embark on expanding our presence in strategic locations and enhancing our product offerings to better serve our customers," stated Mr. Lester C. Yu, President, and Chief Executive Officer of Fruitas Holdings Inc.
Other Relevant Information

Please refer to attached SEC Form 17C for the full Press Release with Financial Ratios.
Filed on behalf by:
Name Lerma Fajardo
Designation Deputy CFO & Comptroller