Newly listed Figaro Coffee Group Inc. saw profits double in its 2022 fiscal year as restaurant sales recovered after the easing of pandemic restrictions.
Net income for its fiscal year that ended last June surged 111 percent to P198.2 million while revenues jumped 80 percent to P2.43 billion.
“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,” Figaro Coffee chair Justin Liu said in a stock exchange filing.
“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. We continue to focus on product quality, value-for-money and expansion in key areas in the Philippines,” he added.
Margins were also protected despite inflationary pressures that began to mount in the second half of its latest fiscal year.
Figaro Coffee said gross margins rose to 49 percent from 44 percent on better cost management.
Operating income likewise rose by 64 percent while the company recorded a 13.5 percent return on equity.
“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,” Liu noted.
Figaro Coffee declared a cash divined of P0.19 per share that was payable on Dec. 9, 2022 to stockholders on record as of Nov. 21.
“Our philosophy is, if the company does well, we would like our shareholders to benefit also,” Liu said.
Figaro ended the year with over 160 stores versus 107 restaurants in December 2021. —Miguel R, Camus INQ