Figaro Coffee Systems Inc. (FCSI), the sole subsidiary and operating company 100 percent-owned by the listed Figaro Coffee Group (FCG), had a banner year in 2021 with multiple store openings leading to a strong increase in profitability.
As a result, FCSI is set to declare cash dividends of P90 million on August 10. This is 59 percent of the net income after tax (NIAT) of FCSI for the calendar year ending Dec. 31, 2021.
FCSI realized a NIAT of P152.84 million or a 51 percent growth over its last year NIAT of P101 million.
This was brought about by the 131 percent increase in revenues, driven by the 141 percent surge in systemwide sales and the net addition of 21 stores during the year making the total store count to 107 stores by yearend 2021 from 86 stores in 2020.
The average weekly unit sales (AWUS) also increased by 88 percent from P279,000 in 2020 to P526,600 AWUS in 2021, brought about the by the increase in delivery sales.
“Despite the pandemic crisis, the previous year has certainly been significant for us. Back when people were still restricted to their homes and the demand for food delivery was at its peak, our company’s immediate response was to keep our kitchens operational. Angel’s Pizza was among the strong food brands with a focus on high quality and service during the pandemic, making us one of the top choices for pizza orders. This is why our brand Angel’s Pizza emerged as a front-runner, favored and recognized by many today,” saidJustin Liu, president of FCSI.
