LISTED food and beverage restaurant operator Figaro Coffee Group, Inc. (FCG) aims to open additional stores across its various brands this year as part of its expansion plans, a company official said on Wednesday.
“The company is positioned to continue growth of its stores and brands nationwide to further expand its presence in the Philippines,” FCG Chief Financial Officer Jose Petronio D. Español said in a statement.
FCG opened 68 new stores across its brands last year, bringing its total store count at the end of 2023 to 203. These included 64 Figaro Coffee stores, 124 Angel’s Pizza stores, 10 Tien Ma’s Taiwanese cuisine stores, one Koobideh Kebabs store, and four Cafe Portofino stores.
As of Feb. 7, FCG operates 207 stores across all its brands.
FCG has reported a 7% increase in its net income to P195 million during the second quarter of its fiscal year ending in June, with revenue improving by 42% to P1.45 billion.
For the full year 2023, FCG recorded a 55% increase in total revenue to P5 billion from P3.2 billion in the same period the previous year.
“Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing cost of goods sold to 32% from the previous year’s 38%,” Mr. Español said.
“The strategic management of financing costs, improving efficiencies, and utilizing economies of scale was instrumental in softening negative effects posed by inflationary pressures,” he added.
FCG has one subsidiary, Figaro Coffee Systems, Inc. (FCSI), through which it operates various brands such as Figaro Coffee, Angel’s Pizza, Tien Ma’s, Koobideh Kebabs Persian kebab chain, and Cafe Portofino cloud kitchen outlet, primarily serving a variety of food and pastries.
On Wednesday, FCG shares closed unchanged at 70 centavos per share. — Revin Mikhael D. Ochave
