The Figaro Coffee Group (FCG), a leading player in the Philippine food and beverage sector, reported substantial financial growth in its latest quarterly earnings, underscoring a year of robust performance despite inflationary pressures.
For the quarter ending December 31, 2023, FCG announced a 42% increase in revenue to P1.45 billion compared to the same period in the previous year, along with a 7.2% rise in net income to P195 million.
The company’s annual figures were equally impressive, with total revenues for 2023 soaring to P5 billion, up 55% from P3.2 billion in 2022. This increase translated to a net profit margin of 10%, or P480.4 million, marking an 84% jump from the previous year.
FCG’s strategic initiatives, including enhanced store operations, strengthened commissary capacities, and an increase in total store count to 203, were pivotal to this success. The expansion included the addition of 68 new stores across its various brands: Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese cuisine, Koobideh Kebabs, and Cafe Portofino.
Chief Financial Officer Mr. Pet Español III highlighted the company’s adept navigation through the inflation-laden year, pointing to optimized expenses and reduced cost of goods sold to 32% from 38% the previous year.
“The strategic management of financing costs and improved efficiencies have been crucial in mitigating the adverse effects of inflation,” said Español. He emphasized the company’s commitment to expanding its presence in the Philippines, ensuring continued growth and success in the future. – PhilippinesToday.ph