Balai ni Fruitas Inc., a listed counter service bakery operator, on Tuesday posted a P37 million net income last year as sales got a boost from its network expansion.
It said strong revenue growth and continued management of operating expenses lifted its bottomline four times higher than the P8.5 million registered in 2021.
Despite inflationary pressure, Balai said revenue more than doubled last year to P341 million from P149 million the year before. The company expanded its retail network last year to 98 from 77 in 2021.
Balai increased stockholders’ equity to P409 million as of end-2022 largely due to its initial public offering in June 2022. The proceeds bankrolled its network expansion and improvement in distribution capability.
Lester Yu, Balai president and chief executive officer
“Balai’s growth has already surpassed our initial estimates, and we aim to accelerate the growth even more by strategic store expansion, continuous product development, and curating third-party products to be made available through our platform.”
Balai aims to sustain its growth trajectory by broadening product selection and making investments in new markets and technologies.
