2024 Highlights:
• Revenues grew to Php668 million in 2024, 25% higher than 2023 revenues of Php545 million.
• Gross profit margin stood at 52% in spite of continuing challenges from inflation;
• EBITDA rose to Php134 million in 2024, up 24% from Php109 million in 2023;
• Net income reached Php68 million in 2024, 16% higher than Php59 million in 2023.
Manila Philippines – Balai ni Fruitas Inc., listed on the Philippine Stock Exchange under the symbol “BALAI” a leading counter-service bakery operator in the Philippines, reported strong financial performance for the full year 2024. Revenues reached Php668 million, a 25% increase from Php535 million in 2023. The robust topline growth was driven by improved same-store sales and the strategic expansion of BALAI’s retail footprint. EBITDA increased by 24% to Php134 million, while net income reached Php68 million, which translates to a 10.2% net income margin, underscoring BALAI’s operational strength and disciplined cost management.
Based on the latest available public disclosures, BALAI once again outperformed all other foodservice companies listed on the Philippine Stock Exchange (PSE) in 2024, leading the sector in both revenue growth and retaining its position as one of only two companies in the sector with double-digit net income margin — mirroring its leadership position in 2023.
2024 marked a milestone year for BALAI, defined by strategic expansion, brand growth, and operational achievements. In April 2024, the Group completed the acquisition of the 40-year-old Sugarhouse brand, along with key operational assets, strengthening BALAI’s portfolio by expanding into the premium cake category and enhancing production capacity. This acquisition not only broadens BALAI’s product offerings but also unlocks synergies across its existing brands Balai Pandesal, Buko Ni Fruitas, and House of Desserts.
In the second half of the year, BALAI further expanded product offering by securing an exclusive distributorship agreement with D’ Famous Red Box Corporation, granting it the sole rights to distribute the well-loved Polland Hopia brand in Cebu and Zamboanga. This strategic partnership enables BALAI to tap into two key regional markets with strong consumer demand for traditional Filipino delicacies, particularly hopia — a beloved snack across generations. The Polland Hopia brand will be featured in Balai Pandesal stores, creating synergies with BALAI’s existing product offerings, such as breads and juices, which resonate deeply with Filipino consumers.
Gross profit rose to Php345 million in 2024, representing a 26% increase from Php273 million in full-year 2023. The company also improved its gross profit margin to 51.6%, up by 60 basis points from 51.0% in the previous year, despite facing elevated costs of raw materials and other direct expenses. This margin expansion was driven by a carefully calibrated pricing strategy — featuring modest, targeted price adjustments — and, more significantly, by a deliberate shift in product mix toward higher-margin offerings. BALAI recorded an EBITDA margin of 20.1% in 2024.
“2024 was a defining year for BALAI, marked by sustained growth, strategic milestones, and strengthened brand equity. We continued to deliver solid performance across our core brands — Balai Pandesal, Buko ni Fruitas, and House of Desserts — while successfully integrating the Sugarhouse brand into our portfolio, allowing us to enter the premium cake segment and expand our production capabilities. Our exclusive distributorship of Polland Hopia in Cebu and Zamboanga opened new doors for regional growth and synergies within our community-based stores. With our store footprint growing year after year, we are more committed than ever to reaching more Filipino households and delivering well-loved, quality products that resonate with our market. As we move forward, we remain focused on sustainable growth, brand innovation, and bringing the BALAI experience closer to every Filipino,” Lester C. Yu, President and CEO, Balai ni Fruitas Inc.