Figaro Coffee Marks PHP1.45 Billion Q4 2023 Revenues, A 42% Increase

The Figaro Coffee Group (FCG) has reported achieving PHP 1.45 billion in revenues for the period of October 1 to December 31, 2023, highlighting a 42% increase from figures for the fourth quarter of 2022.

FCG reported that for the full year 2023 from January to December, the company's total revenues reached PHP 5 billion, marking a significant increase of PHP 1.8 billion from PHP 3.2 billion in the same period of 2022. I Photo: Figaro Coffee Facebook

Its net income for Q4 of 2023 amounted to PHP 195 million, a 7.2% increase from the same period last year, as it stressed that inflation-laden 2023 emerged as a banner year for the company.

In a disclosure to the Philippine Stock Exchange (PSE), FCG reported that for the full year 2023 from January to December, the company's total revenues reached PHP 5 billion, marking a significant increase of PHP 1.8 billion from PHP 3.2 billion in the same period of 2022.

The company emphasized its attaining an impressive 55% growth in revenues and a remarkable net profit margin of 10% or PHP 480.4 million, which is 84% higher compared to the same period in 2022.

It noted that it has registered continued Quarterly and Annual Growth in 2023.

A stalwart in the Philippine food and beverage industry, the Figaro Coffee Group demonstrated robust growth and a solid financial standing, noting improvements in top-line sales, bottom-line margins, enhanced store operations, strengthened commissary capacities, and laid down the groundwork for further growth in the future.

FCG also achieved an all-time high total store count, ending 2023 with 203 total stores consisting 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.

The company opened a total of 68 new stores that year.

The company's Chief Financial Officer, Mr. Pet Español III, 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%."

He added that the strategic management of financing costs, improving efficiencies, and utilizing economies of scale were instrumental in softening the negative effects posed by inflationary pressures.

He underscored that Figaro Coffee Group is positioned to continue the growth of its stores and brands nationwide to further expand its presence in the Philippines.

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