Listed food company Figaro Coffee Group Inc. on Friday reported a 48 percent jump in net profit to P265.1 million in the first half ending Dec. 31 as revenue nearly doubled compared to the year-earlier period.
July-December revenue surged 88 percent from the year-earlier period to P2.05 billion due mainly to the continued expansion of Figaro’s store network, which at the end of December total 150.
Figaro said first-half gross profit increased 91 percent from the year-earlier period to P1.05 billion from P550 million on account of opening of additional stores. Gross profit margin, however, declined to 48 percent from 49 percent on account of higher prices of major raw materials.
As a result of store openings and expenses related to the company’s initial public offering, operating costs more than doubled to P635 million from P296 million.
Monde Nissin Corp. acquired 15 percent of Figaro for P820.27 million, a move that will provide the listed food company, whose main product Lucky Me! is the Philippines’ most popular instant noodle brand, an exposure to the food service sector.
