Figaro Coffee Group continues growth in 2023
The Figaro Coffee Group, a stalwart in the Philippine food and beverage industry, proudly presented its quarterly financial report for the period spanning October 1 to December 31, 2023, demonstrating robust growth and a solid financial standing. The company saw improvements in top-line sales, and bottom-line margins, enhanced store operations, strengthened commissary capacities, and laid the groundwork for further growth in the future.
Amidst 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% increase versus the same period last year. Net income for the quarter also registered at P195 million, a 7.2% 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% growth in revenues and remarkable net profit margin of 10% or P480.4 million, 84% 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.
Mr. Pet Español III, FCG’s Chief Financial Officer, emphasized, “Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing the cost of goods sold(COGS) to 32% from the previous year's 38%. The strategic management of financing costs, improving efficiencies, and utilizing economies of scale were instrumental in softening the negative effects posed by inflationary pressures.
The company is positioned to continue the growth of its stores and brands nationwide to further expand its presence in the Philippines.