Figaro Coffee Group reported sustained growth throughout 2023
Figaro Coffee Group (FCG), a leading player in the Philippine food and beverage sector, announced its quarterly financial results for the period from October 1 to December 31, 2023, showcasing robust growth and a strong financial position. Despite the challenges posed by inflation during the year, 2023 proved to be a standout year for the company.
During the fourth quarter of 2023, FCG reported revenues of P1.45 billion, representing a notable 42% increase compared to the same period last year. Net income for the quarter also saw a healthy growth of 7.2%, reaching P195 million.
For the full year 2023, FCG achieved total revenues of P5 billion, marking a significant increase of P1.8 billion compared to the previous year. This impressive growth in revenues amounted to a remarkable 55%, accompanied by a notable net profit margin of 10%, equivalent to P480.4 million. This represents an 84% increase compared to the same period in 2022.
FCG also reached a milestone in its store count, ending 2023 with a total of 203 stores. These included 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. The company expanded its footprint significantly by opening 68 new stores throughout the year.
Mr. Pet Español III, FCG’s Chief Financial Officer, highlighted the company’s successful navigation of the challenges posed by global inflation in 2023. FCG focused on optimizing key expenses, including reducing the cost of goods sold (COGS) from 38% to 32% compared to the previous year. Strategic management of financing costs, efficiency improvements, and leveraging economies of scale played crucial roles in mitigating the negative impacts of inflationary pressures.
FCG remains poised for continued growth, with plans to expand its store network and strengthen its brand presence nationwide in the Philippines.
Business News: Figaro Coffee Group reported sustained growth throughout 2023
