Figaro posts rise in quarterly earnings

MANILA, Philippines — Figaro Coffee Group Inc. (FCG) sustained its momentum in the third quarter of its current fiscal year, delivering a five percent rise in net income to P105 million on the back of higher revenues.

FCG reported revenues of P1.3 billion for its fiscal third quarter ending March 2024, up by 27 percent from same quarter last year.

For the calendar year January to December 2023, FCG said it generated revenue of P5 billion, a 55-percent surge from the previous year’s P3.23 billion.

The company ended 2023 with a net income of P480.38 million, 84 percent higher year-on-year, achieved through managing inflationary pressures by optimizing internal operations which controlled overhead and operating expenses.

“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,” FCG chairman Justin Liu said.

FCG opened 67 new stores in 2023, 55 of which were in Luzon, nine in Visayas and three in Mindanao.

Angel’s Pizza brand, Tien Ma’s Taiwanese and Figaro Coffee experienced growth in same-store sales due to improvement in dine in traffic throughout the year.

“As we look ahead, we’re energized by the prospects of future growth and success,” Liu said.

“As FCG progresses into 2024, our commitment is to continue to expand our presence, pursue sustainable growth and continue product innovation to deliver enhanced value to our customers and shareholders,” he said.