Figaro’s 6-month profit pumps up to P325 milllion
Liu family-led Figaro Coffee Group sees a stronger performance this year after posting higher earnings in the first half of its fiscal year covering July to December, buoyed by gains from store expansion in the second quarter.
The company disclosed to the stock exchange on Tuesday that its net income during the six-month period jumped by 15 percent to P325.53 million.
Likewise, its top line rose by 2.5 percent to P2.84 billion.
In the October to December period alone, earnings climbed by 12.4 percent to P291.8 million.
Revenues, meanwhile, declined by 0.7 percent to P1.44 billion due to the higher price of raw materials and the increase in minimum wage during the year.
READ: Figaro Coffee Group posts strong growth in 2024
“While global inflation pressured raw material costs, we successfully managed overhead and operating expenses while increasing capacity,” Pet Español III, Figaro chief financial officer, said in a statement.
The total assets of Figaro reached P5.47 billion as of December last year. The group ended the year with 34 new stores, expanding its network across the country to 216.
Angel’s Pizza makes up the majority of Figaro’s store network with 142 branches, followed by Figaro Coffee with 63, Tien Ma with eight, Cafe Portofino with two and Koobideh Kebabs with one.
“We are looking forward to continuing our prudent expansion strategy together with launching more exciting and innovative menu items and promos this 2025,” Figaro chair Justin Liu said.
In 2024, Liu said they would focus their expansion on Angel’s Pizza, which remains the company’s main revenue driver, as its flagship coffee business faces tight competition in the industry.
Angel’s Pizza accounted for P1.15 billion, or 80 percent, of the group’s total revenues in the October to December period alone.
Figaro is aiming for a 400-store network in the next five years.
Liu earlier noted that they still had a “quite strong” funding for expansion, fueled by investments from Monde Nissin Corp., bank loans and internal cash flow. —Meg J. Adonis
