Fruitas Holdings Inc., a leading food and beverage kiosk operator, said net income in 2019 rose 34 percent to P125 million from P94 million in 2018 on the back of double-digit growth in revenues.
Fruitas said in a disclosure to the stock exchange Friday 2019 revenues jumped 23 percent to P1.95 billion compared to P1.58 billion in 2018.
The growth in revenues was driven by expansion of its store network to 1,068 stores as of end 2019 from 930 in 2018 and strong same store sales growth.
Reported net income, which includes one time expenses, amounted to P121 million in 2019, still up 20 percent from P100 million in 2018.
“We are pleased with our 2019 results, with sales and net income increasing above 20 percent. Our acquisitions and investments in store network development contributed positively,” said Fruitas president and chief executive Lester Yu.