Fruitas eyes completion of subsidiary's IPO by June

Food and beverage kiosk operator Fruitas Holdings Inc. on Monday said it expected to complete the initial public offering (IPO) of its wholly-owned subsidiary Balai ni Fruitas Inc. by next month.

Fruitas said the Securities and Exchange Commission (SEC) formally received the registration statement for the IPO of Balai ni Fruitas on February 17.

“The potential IPO of Balai will be an important exercise for us, which we expect to complete in the first half of 2022,” President and Chief Executive Lester Yu said in a regulatory filing.

Shares of Balai ni Fruitas Inc. are targeted to be listed on the Small, Medium, and Emerging Boards of the Philippine Stock Exchange (PSE), with the timeline still subject to compliance with the requirements of both the PSE and the Securities and Exchange Commission (SEC), and their approvals.

Balai ni Fruitas’ portfolio includes the Balai Pandesal, Buko Ni Fruitas, and Fruitas House of Desserts. It recorded 69 stores across the country as of September 30, 2021.

Fruitas opened the year with a P6-million net income, reflecting a reversal from the P16-million net loss last year. Net sales increased by 26% to P330.5 million from the P261.4 million in the first quarter of 2021, and higher than the P329.7 million in the previous quarter.

Gross profit margins for the period jumped to 62.2%, up from 61.9% in 2021, and 60.7% in the same quarter of 2021.

The company ended the first quarter with 700 stores in its network and reported 10 additional stores as of May 23, 2022.

“We are fully committed to delivering value to our shareholders by improving operations and profitability,” Yu said.

Fruitas’ brands include Black Pearl, Buko Loco, Buko ni Fruitas, House of Fruitas, De Original Jamaican Pattie Shop and Juice Bar, Johnn Lemon, Juice Avenue, Sabroso Lechon, Tea Rex, The Mango Farm, Babot’s Farm, and Soy & Bean.

It also counts as subsidiaries Negril Trading Inc., Fruitasgroup Incorporated, Soykingdom Inc., and CocoDelivery Inc.

Shares in Fruitas closed Monday at P1.11, up by 1 centavo or 0.91% from the previous close of P1.10. — DVM, GMA News