BALAI ni Fruitas Inc., a subsidiary of Fruitas Holdings Inc., on Thursday said that net income climbed 58 percent to P59 million last year, from P37 million in 2022, following robust growth in revenues.

Consolidated revenues totaled P535 million, up 57 percent from P341 million, as all Balai brands recorded "significant" same-store sales growth, the firm said in a filing.

The topline improvement outpaced growth in operating expenses, Balai said, adding that it controlled depreciation and amortization by expanding its network and taking advantage of e-commerce and third-party distribution.

Lester Yu, president and CEO, said in a statement that "2023 marked significant milestones for Balai as we passed 100 stores and the half-billion-peso revenue level."

Balai Pandesal was said to have grown sales through increased repeat transactions, an expansion of a curated selection of third-party products, and new menu offerings.

Two other brands also registered higher sales as they benefited from increased foot traffic in malls and food courts.

Balai ramped up its retail network expansion with the opening of 20 outlets in 2023, bringing its total store count to 118 by year-end.

Balai's share price was unchanged at P0.37 apiece on Thursday.