Figaro Bares Higher Sales

The Figaro Coffee Group, a prominent player in the Philippine food and beverage industry, has released its financial report for the fiscal year ending on June 30, 2023, showcasing impressive growth and solid financial standing.

Angel's Pizza has been heaven-sent for Figaro's profits. I Photo: Angel's Pizza Facebook

Revenues for the fiscal year ending on June 30, 2023, exhibited remarkable improvement, surging by 75% from P2.44 billion in 2022 to P4.28 billion in the same period this year. Furthermore, the expansion was complemented by a 6% increase in same-store sales.

This remarkable growth was attributed to the company's aggressive store expansion and openings, which saw the addition of 44 new stores during the reporting period, bringing the total store count to 167 by June 30, 2023.

Currently, the company already has a total of 186 stores across all brands, with more under construction.

While the company experienced a slight dip in its gross margin, declining from 49% to 45% due to an increase in raw ingredient costs, its operating margin improved from 10% to 14% due to prudent cost management and an improvement in operational efficiencies.

As a result, the company's net income after tax grew by 133% over the same period in the previous year, reaching P462.6 million, up from P198.2 million.

This remarkable growth was attributed to increasing volume and efficient management of overhead costs, demonstrating the company's commitment to enhancing both production and productivity.

Furthermore, The Figaro Coffee Group made significant strides in its financial position, complemented by an investment from Monde Nissin during the fiscal year, which bolstered the funds acquired from the IPO proceeds of the previous year.

The company also recently launched innovative new products to complement its menu line-up.

After the resounding success of Angel's Pizza's Creamy Spinach Dip, a new Creamy Spinach Sushi Bake pizza was added to the line-up, as well as new healthier all-natural drinks in Figaro Coffee.

"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," said Divine Cabuloy, FCG's Chief Executive Officer.

Consistent with its commitment to investors, the company declared cash dividends equivalent to approximately 31% of the net income after tax for the fiscal year ending on June 30, 2023, in line with its disclosed dividend policy, which aims to distribute a percentage of the latest fiscal year's net income after tax to shareholders.

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