Figaro profit grows as stores sprout up
Figaro Coffee Group of businessman Jerry Liu recorded higher earnings in the third quarter of its fiscal year that ended March 31 as it booked more sales from the opening of new stores.
Figaro on Friday said net income during the January to March period rose by 5 percent to P105 million.
Revenues, meanwhile, surged by 27 percent to P1.3 billion after opening 67 new stores last year.
Apart from Figaro Coffee, the company also operates Angel’s Pizza, Tien Ma’s Taiwanese Cuisine, Cafe Portofino and Koobideh Kebabs, which was launched in 2023.
Expand further
Of its newly opened stores, 55 were in Luzon, nine in the Visayas and three in Mindanao, Figaro said in its stock exchange filing.
Figaro chair Justin Liu said they had “achieved remarkable milestones” in calendar year 2023, after the company saw a 55-percent surge in full-year revenues to P5 billion.
Net income from January to December likewise soared by 84 percent to P480.38 million.
“As we look ahead, we’re energized by the prospects of future growth and success,” Liu added. “As [Figaro] 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.”
By the end of 2023, Figaro had 203 sites comprising 124 Angel’s Pizza stores, 64 Figaro Coffee stores, 10 Tien Ma’s Taiwanese Cuisine stores, four Cafe Portofino stores and one Koobideh Kebabs store.
Food manufacturing giant Monde Nissin Corp., the maker of Lucky Me! instant noodles, acquired a 15-percent stake in Figaro for P820 million in January last year.
Monde’s investment partly helped bankroll Figaro’s store expansion.
