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  • Writer's pictureBy The Financial District

Figaro Coffee Group Bares Stong Income Growth, Declares Dividends

Fresh from its January initial public offering this year, the fast-growing food group Figaro Coffee Group, Inc. (PSE: FCG) reported its first full fiscal year audited financial results ending June 30, 2022.

Photo Insert: The company is seeing increased dine-in sales increasing for Figaro Coffee and Tien Ma’s brands while delivery continues to be strong for Angel’s Pizza.

The company delivered a top-line sales number of P2.43 billion, an increase of 80% from the same period last year, and a net income result of P198.2 million, an increase of 111% from the same period last year, driven by continuous strong store growth.

The company likewise improved its gross margins from 44% to 49% through economies of scale and cost synergies. As a result, it grew its operating income by 64% and showed a return on equity of 13.5%.

Furthermore, the company’s Board of Directors has approved a declaration of cash dividends amounting to a total of P90 million or P0.01936 per share to shareholders as of the November 21, 2022 record date.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

“We are very pleased to report that coming out of the pandemic and our initial public offering early this year, we have continued our excellent growth and positive momentum. We are seeing dine-in sales increasing on our Figaro Coffee and Tien Ma’s brands while delivery continues to be strong for Angel’s Pizza," said Justin Liu, Chairman of FCG.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

"We continue to focus on product quality, value-for-money, and expansion in key areas in the Philippines. We acknowledge that there are always new and pressing challenges such as inflation and economic headwinds, but our team continues to find the best ways to optimize growth and manage costs for the good of the company. Likewise, because of our excellent performance, we are very happy to be able to share profits with our shareholders through dividends. Our philosophy is, if the company does well, we would like our shareholders to benefit also,” added Liu.

Since the start of 2022, the company has added 35 stores to its total store network, with a target of 163 stores by year-end 2022, from an ending store count of 107 in December 2021.

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