CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Nov 7, 2023
2. SEC Identification Number
CS200508386
3. BIR Tax Identification No.
237-383-045-000
4. Exact name of issuer as specified in its charter
BALAI NI FRUITAS INC.
5. Province, country or other jurisdiction of incorporation
QUEZON CITY, PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
68 DATA ST. BRGY. DON MANUEL QUEZON CITYPostal Code1113
8. Issuer's telephone number, including area code
(02)8243-1741
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON
1,495,005,000
11. Indicate the item numbers reported herein
ITEM NO. 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Balai Ni Fruitas Inc.BALAI
PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C) Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Balai ni Fruitas nearly doubles net income versus 3Q2022; records Php41 million net income in 9M2023
Background/Description of the Disclosure
9M2023 Highlights: • 9M2023 revenues increased 65% to Php387 million from Php234 million in 9M2022; • 9M2023 EBITDA at Php74million, 62% increase versus Php46 million in 9M2022; • 9M2023 net income increased 77% to Php41 million from Php23 million in 9M2022. 3Q2023 Highlights: • 3Q2023 revenues climbed 55% to Php138 million from Php89 million in 3Q2022; • 3Q2023 EBITDA grew 68% to Php28 million from Php17 million in 3Q2022; • 3Q2023 net income nearly doubled to Php16.3 million from Php8.5 million in 3Q2022.
Manila, Philippines – Balai ni Fruitas Inc., listed on the Philippine Stock Exchange under the symbol “BALAI” and a leading Philippine counter service bakery operator, continued its growth momentum in the first nine months of 2023 by posting Php387 million revenue with Php41 million net income. 3Q2023 revenues are up to 55% and net income nearly doubled to Php16.3 million versus Php8.5 million in the same period last year.
9M2023 revenues of Php387million was 65% higher than 9M2022 revenues of Php234 million. Net Income surged to Php41 million for the first nine months while net margin expanded to 11% for 9M2023 versus 10% from the same period in 2022. The constant growth is fueled by the continuous store network expansion and improved retail performance.
In spite of strong inflationary pressures that drive up the price of raw materials, the gross margin settled at 50%, which is slightly lower than the 51% gross margin in 9M2022. In order to control costs, BALAI not only implemented strategic price increases but also broadens its supplier base and enhances the sourcing of raw materials. EBITDA for 9M2023 was Php74 million as versus Php46 million for 9M2022.
Shareholder equity increased from Php409 million at the end of 2022 to Php442 million as of 9M2023. Additionally, cash and cash equivalents increased from Php255 million at the beginning of the year to Php314 million. BALAI is able to launch new products and expand its retail network more quickly attributed to its solid cash position. BALAI continues to exemplify its ability to generate cash through the effectiveness of its store operations. As of the end of 3Q2023, BALAI has a total of 115 stores. The Company added 4 new stores since the start of the last quarter of the year bringing the total stores to 119 as of November 7, 2023.
“With BALAI's performance in the first nine months of this year, we are really happy, as it has given us not only good results but also a strong foundation for the future. As the year's final quarter approaches, we are determined to build on our outstanding financial success and end on a positive note. We'll keep growing our network and developing innovative products so that BALAI becomes a mainstay in our clients' daily lives and is a part of their celebrations,” said Mr. Lester Yu, BALAI President and Chief Executive Officer.
Other Relevant Information
Please refer to the attached for the full copy of the Press Release with the key financial ratios and analysis.
Balai Ni Fruitas Inc.BALAI