The Figaro Coffee Group (FCG), a leader in the Philippine food and beverage sector, proudly unveiled its financial results for its fiscal third quarter ending March 2024.
For the quarter ending March 2024, FCG reported revenues of P1.3 billion, up 27 percent from the same quarter last year. Net income after tax for the quarter was P105 million, a 5 percent increase from the same period last year.
For the calendar year January to December 2023, FCG achieved a landmark revenue of P5 billion, marking a 55 percent increase over the previous year’s P3.23 billion. The company ended 2023 with a net income after tax of P480.38 million, an increase of 84 percent compared to the same period in the previous year. This was achieved through managing inflationary pressures by optimizing internal operations, which controlled overhead and operating expenses.
Store growth was propelled by the strategic opening of 67 new stores in 2023. Of the 67 newly opened stores, 55 were in Luzon, nine in Visayas, and three in Mindanao.
Additionally, the company witnessed a 6 percent growth in same-store sales in 2023 compared to 2022, driven primarily by the Angel’s Pizza brand. Tien Ma’s Taiwanese and Figaro Coffee also experienced an increase in same-store sales, fueled by an improvement in dine-in traffic throughout the year.
In 2023, FCG launched its first casual-dining kebabs brand, Koobideh Kebabs, in Makati, serving beef and chicken kebabs and other Middle Eastern side items. FCG ended 2023 with a total of 203 stores, broken down into 124 Angel’s Pizza stores, 64 Figaro Coffee stores, 10 Tien Ma’s Taiwanese stores, four Cafe Portofino stores, and one Koobideh Kebabs store.
Justin Liu, chairman of FCG, commented on the performance saying, “Reflecting on our 2023 performance fills us with immense pride. We’ve achieved remarkable milestones, a testament to the dedication and resilience of our team. As we look ahead, we’re energized by the prospects of future growth and success. As FCG progresses into 2024, our commitment is to continue to expand our presence, pursue sustainable growth, and innovate our products to deliver enhanced value to our customers and shareholders.”
