Figaro earnings up 111% in FY 2022

MANILA, Philippines — The Figaro Coffee group reported a net income of P198.2 million for its first full fiscal year (FY) ending June 30, 2022.

This reflected an increase of 111 percent from the same period last year, driven by continuous strong store growth, on the back of revenues of P2.43 billion or an increase of 80 percent from the same period last year.

Figaro Coffee Group chairman Justin Liu said the company is very pleased to have maintained its growth momentum despite the COVID-19 global health pandemic.

“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,” he said.

With easing mobility restrictions, Liu said the company is now seeing the return of diners.

“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,” Liu said.

Figaro Coffee Group is on track with its expansion plans, particularly in key areas in the country.

“We continue to focus on product quality, value-for-money and expansion in key areas in the Philippines,” he said.

The company aims  to have 163 stores by yearend from  107 in December  2021.

Since the start of the year, the company has added 35 stores to its total store network.

As for the challenges of inflation as well as supply chain problems, the company said will strive to manage costs.

“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 said.

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

Given its rosy performance, the company announced the declaration of cash dividends amounting to a total of P90 million or P0.01936 per share to shareholders as of  record date of Nov. 21.