The Figaro Coffee Group (FCG), a stalwart in the Philippine food and beverage industry, presented its quarterly financial report for the period spanning Oct. 1 to Dec. 31, 2023, demonstrating robust growth and a solid financial standing.
The company saw improvements in top-line sales, bottom-line margins, enhanced store operations, strengthened commissary capacities, and laid the groundwork for further growth in the future. Amid the challenges of an inflation-laden year, 2023 emerged as a banner year for the company.
For the quarterly period ended Dec 31, 2023, the company achieved revenues of P1.45 billion, a 42 percent increase versus the same period last year. Net income for the quarter also registered at P195 million, a 7.2 percent increase from the same period of last year.
For the full year 2023 from January to December, the company achieved total revenues of P5 billion, marking a significant increase of P1.8 billion, from P3.2 billion in the same period of 2022, achieving an impressive 55 percent growth in revenues and remarkable net profit margin of 10 percent or P480.4 million, 84 percent higher compared to the same period in 2022.
The Group achieved an all-time high total store count, ending 2023 with 203 total stores, which were composed of 64 Figaro Coffee stores, 124 Angel’s Pizza stores, 10 Tien Ma’s Taiwanese cuisine stores, 1 Koobideh Kebabs store and 4 Cafe Portofino stores. In 2023, the company opened a total of 68 new stores.
“Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing the cost of goods sold to 32 percent from the previous year’s 38 percent,” said FCG Chief Financial Officer Pet Español III.
“The strategic management of financing costs, improving efficiencies and utilizing economies of scale was instrumental in softening negative effects posed by inflationary pressures. The company is positioned to continue growth of its stores and brands nationwide to further expand its presence in the Philippines,” Español added.
