Philippine brand BALAI net income soars to P9m in Q2
This is up from P2m in the same period last year.
Philippine brand Balai ni Fruitas, Inc. (BALAI) reported its net income grew to P9m in the second quarter of the year, up from only P2m in the same period in 2021.
In the first half, BALAI’snet income grew more than 18 times to P15m in the first half, against only P0.8m.
The company’s revenue rose by 242% to 84m during the quarter and more than doubled to P145m in the first half.
Following this growth and its public listing in June, BALAI sees the company will expand its store network “aggressively” as well as its portfolio through a mix of new product brands and potential acquisitions.
“The successful listing on the SME board of the PSE will allow us to expand faster. We envision Balai Pandesal to be present in major cities of the country and can be easily accessed by Filipinos,” Lester Yu, Balai Ni Fruitas Inc. President and Chief Executive Officer, said.
“The 2022 first half performance is a testament of the ability of the company to face increasing raw material costs and still protect its margins.”
In the first half, BALAI added 7 new stores to its network, bringing the total to 84, including 38 Balai Pandesal stores.