LISTED food and beverage firm Fruitas Holdings, Inc. said Monday that it would be spending P500 million this year to upgrade its commissary infrastructure and logistics system, open new stores, and acquire and develop new brands.
In a reply to a stock exchange request to clarify a newspaper report that it would ramping up its expansion, Fruitas said that 50 percent of the amount would be used to upgrade its commissary infrastructure and logistics systems.
Forty percent, meanwhile, will be used for store expansions, while the remaining 10 percent will go to brand acquisition and development.
The company also confirmed that it was targeting to open 100 new stores this year as part of an ongoing strategic expansion to reach a wider customer base.
“These efforts are consistent with the company’s growth strategy and our confidence in the current economic environment,” it said.
“We expect these initiatives to positively impact our business operations by increasing revenue streams and improving brand visibility.”
As of end-Sept. 2024, Fruitas had more than 30 brands in its portfolio and operated over 851 stores nationwide.
Last November, the company acquired a 60-percent stake in roasted chicken chain Mang Bok’s, which is expected to create synergies across Fruitas brands and enhance overall customer experience and satisfaction.
Fruitas recorded a net income of P94.7 million for the first nine months of 2024, higher than the previous year’s P70.2 million, on the back of a 19 percent growth in revenues to P2.1 billion from P1.8 billion.
Fruitas shares on Monday were unchanged at P0.63 apiece.
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