Coffee shop and restaurant operator Figaro Coffee Group Inc. on Monday reported net income growing 133 percent in fiscal year ending June to P462.6 million from last year’s P198.2 million.
It attributed the growth to increasing volume and efficient management of overhead costs. “We are very humbled by the patronage of old and new customers to our brands and we are excited to continue our prudent expansion and product innovation. While there are many challenges, we will press on to give the best product and value-for-money for our customers”, Divine Cabuloy, company CEO, said.
Revenue for the year rose 75 percent to P4.28 billion from last year’s P2.44 billion as same-store sales grew 6 percent. This was attributed to store expansion and openings with the addition of 44 new stores during the year, bringing the total store count to 167 as of June 30.
The business already operates 186 stores across all brands, with more under construction.
The company reported a slight dip in gross margin to 45 percent from 49 percent due to rising raw ingredients costs. Operating margin improved to 14 percent from 10 percent due to cost management and improvement in operational efficiencies.
The entry of Monde Nissin Corp. during the year helped boost funds generated from its listing at the stock exchange. It also recently launched new products to complement its menu line-up.
Consistent with its commitment to investors, the company declared cash dividends equivalent to approximately 31 percent of net income after tax for fiscal year ending June 30. This was in line with its dividend policy to distribute a percentage of its net income after tax to shareholders.
