Figaro sees banner year  

MANILA, Philippines — Figaro Coffee Systems Inc. (FCSI), the sole subsidiary and operating company of Figaro Coffee Group,  expects another banner year as it aims to boost its network to  140  stores across its portfolio brands.

Its brands include Figaro Coffee, which is the group’s  flagship brand, as well as Angel’s Pizza, Tien Ma’s, and The Figaro Group Express.

FCSI realized a net income of P152.8 million or 51 percent higher than the previous year’s P101 million on the back of a 31 percent  jump in revenues.  This was driven by the 141 percent surge in systemwide sales and the net addition of 21 stores during the year.

“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.” said Justin Liu, president of FCSI.

“Now that the pandemic restrictions have lessened and people are slowly starting to return to their pre-pandemic ways, living their lives outside of their homes once again, we are looking to continue our momentum through the expansion of our stores in various areas nationwide.” Liu said.

The 2021 performance of FCSI, enabled the company to open more Angel’s Pizza stores as they see it as the growth driver both for its top line and for its profitability.

FCSI declared cash dividends of P90 million, representing 59 percent of its net income after tax, in 2021.