The Figaro Coffee Group Inc.,food and beverage chain of restaurants and cafe operator, reported income in the first half ended December 2023 rising 6 percent to P282.93 million from previous year’s P265.11 million.
Revenue for the period climbed 35 percent to P2.76 billion from prior year’s P2.04 billion.
System-wide sales during the period grew 36 percent as the chain opened 38 stores beginning July that brought the total number of stores to 203 by December.
Sixty-four Figaro coffee, 124 Angel’s Pizza, 10 Tien Ma’s Taiwanese cuisine, one Koobideh Kebabs and four Cafe Portofino stores were opened. In 2023, a total 68 new stores welcomed diners.
In the October to December quarter, group income rose 7 percent to P194.74 million from P181.69 million. Revenue was up 42 percent to P1.45 billion from P1.02 billion.
“Amidst the challenges of an inflation-laden year, 2023 emerged as a banner year for the company,” Figaro reported.
From July to June, the company generated revenue totaling P5 billion from P3.2 billion in 2022, a 55 percent growth. The company also reported net profit margin of 10 percent or P480.4 million, 84 percent higher than in 2022.
“Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing cost of goods sold to 32 percent from the previous year’s 38 percent,” Jose Petronio Vicente Español III, chief financial officer, said.
“The strategic management of financing costs, improving efficiencies and utilizing economies of scale was instrumental in softening negative effects posed by inflationary pressures. The company is positioned to continue growth of its stores and brands nationwide to further expand its presence in the Philippines,” he said.
