Businessman Lester Yu’s bakery chain Balai Ni Fruitas is looking to sustain growth momentum this year after net income surged 38 percent to P13.2 million as revenues expanded by 27 percent to P145 million during the first quarter of 2024.
“As we continue to implement our strategic initiatives in the coming quarters, Balai remains poised to sustain its growth,” Yu, Balai president and CEO, said in a stock exchange filing on Tuesday.
The company also realized an income spike as gross profit jumped 30 percent to P74 million, with a gross profit margin of 51 percent, up from 50 percent in the first quarter of 2023.
Balai expanded its store network to 121 stores nationwide and finalized the acquisition of Sugarhouse to broaden its product portfolio.
“The recent addition of Sugarhouse to Balai further underscores our commitment to enhancement of our product portfolio,” Yu said.
