Figaro Coffee Group, Inc. Ended 2023 with PHP 5 Billion in Total Revenue

The Figaro Coffee Group, a stalwart in the Philippine food and beverage industry, released its quarterly financial report for October 1 to December 31, 2023, highlighting strong growth and financial stability. The company improved top-line revenues, bottom-line profits, retail operations, and commissary capabilities, laying the framework for future expansion. 

Despite the challenges of an inflationary year, 2023 proved to be a successful year for the company. For the quarter ended December 31, 2023, the company's revenues were P1.45 billion, a 42% increase over the same period last year. Net income for the quarter was P195 million, a 7.2% increase over the same period last year.

For the full year 2023, from January to December, the company achieved total revenues of P5 billion, a significant increase of P1.8 billion from P3.2 billion in the same period of 2022, resulting in an impressive 55% increase in revenues and a remarkable net profit margin of 10%, or P480.4 million, 84% higher than the same period in 2022.

In 2023, the Group had a total of 203 locations, including 64 Figaro Coffee, 124 Angel's Pizza, 10 Tien Ma's Taiwanese food, 1 Koobideh Kebabs, and 4 Cafe Portofino. In 2023, the corporation will have opened 68 new stores.

Mr. Pet Español III, FCG’s Chief Financial Officer, emphasized, “Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing cost of goods sold(COGS) to 32% from the previous year's 38%. The strategic management of financing costs, improving efficiencies and utilizing economies of scale was instrumental in softening negative effects posed by inflationary pressures. The company is positioned to continue growth of its stores and brands nationwide to further expand its presence in the Philippines."

​Figaro Coffee Group Inc. (FCG) was incorporated on July 6, 2018 as a wholly-owned subsidiary of Carmetheus Holdings, Inc. primarily to process, manufacture, package all kinds of food products, and establish, invest, develop, operate and maintain restaurants, coffee shops and refreshments parlors, among others.