Press Release

Balai ni Fruitas Inc. concludes year on positive note: Half a billion-revenue achieved, net income surges by 58%

2023 Highlights:

  • 2023 revenue exhibited a 57% increase, reaching Php535 million compared to Php341 million in 2022.
  • 2023 gross margin stood at 51% in spite of escalating inflationary challenges;
  • 2023 EBITDA experienced a significant surge, rising by 59% to Php109 million, nearly doubling the 2022 EBITDA of Php68 million;

The EBITDA margin for 2023 settled firmly at 20.3%, similar to the 2022 EBITDA margin of 20.0%;

  • 2023 net income almost doubled, reaching Php59 million, marking a 58% growth from Php37 million in 2022.

Manila Philippines – Balai ni Fruitas Inc., listed on the Philippine Stock Exchange under the symbol “BALAI” and a leader in Philippine counter service bakery operators, posted a robust financial result for the year ended 2023. The Group reported a substantial increase in revenue, reaching Php535 million, representing a notable 57% surge from Php341 million in 2022. This noteworthy growth was primarily attributable to the same store sales growth (SSSG) and the continuous expansion of the retail network of the company, which expanded from 98 at the end of 2022 to 118 as of December 31, 2023.  

Despite the escalation in costs of raw materials and other operational expenses, the gross profit margin for the fiscal year 2023 remained steadfast at 51%. Net income for 2023 surged to Php59 million, marking a substantial 58% increase from Php37 million in 2022. Additionally, the net income margin marginally rose to 11.0% in 2023 compared to 10.9% in the preceding year. The EBITDA for 2023 witnessed a significant upsurge to Php109 million from Php68 million in 2022, reflecting an impressive 59% growth. The EBITDA margin for 2023 firmly settled at 20.3%, an improvement from 20.0% in 2022, which may be attributed to economies of scale.

“This year has concluded on a positive note, marked by significant store growth and ongoing expansion, particularly evident in the substantial increase in Balai Pandesal retail outlets. It emphasized the company’s steadfast dedication to innovation, ensuring that Balai ni Fruitas remains at the forefront of meeting evolving consumer needs and preferences. With a strategic focus on store expansion and innovative product offerings, I reaffirmed the company’s leadership position in the industry, poised for continued growth and success in the coming years,” Mr. Lester Yu, BALAI President and Chief Executive Officer.

At the time of acquisition in 2021, there were only 5 Balai Pandesal stores in operation. Presently, as of the end of 2023, there are 52 Balai Pandesal retail outlets nationwide, reflecting an extraordinary growth of 940% since the time of acquisition. In light of these remarkable milestones, BALAI is steadfast in its commitment to expanding its network and enhancing its product offerings to ensure greater consumer satisfaction.

2023 vs 2022

(Php millions)20232022% change YoY
Gross Profit27317655%
Net income / (loss)593758%
Gross profit margin51.0%51.5% 
EBITDA margin20.3%20.0% 
Net income / (loss) margin11.0%10.9%