Listed quick-service food company Figaro Coffee Group Inc. said Friday that net income increased 52 percent year-on-year to P99.3 million in its third quarter ended March 31, driven by the opening of new stores and the steady recovery in consumer spending after the pandemic and despite rising inflationary pressure.
Its third-quarter net income pushed Figaro’s nine-month after tax profit to P370.6 million, up 57 percent on year and higher than the P251 million net income for the whole of fiscal year ended 30 June 2022.
Revenue growth in the January-March quarter was up 95 percent to P1.03 billion, pushing the nine-month sales higher by 73 percent to P3.07 billion.
The company sales opened 29 stores in the nine months through March, pushing the total to 155. A total 35 more stores are now under construction.
Justin Liu, chairman and director of Figaro, said the strongest revenue contributor is Angel’s Pizza, which is expanding aggressively. Figaro Coffee, Tien Ma’s and Café Portofino are also growing steadily, he added.
“We continue to prudently manage our costs in this inflationary period to ensure that we are always serving high-quality products at affordable prices to our customers. With the growth of areas outside Metro Manila, we continue to be optimistic about the trajectory of our company and the Philippine economy as a whole,” Liu said.
