Figaro Coffee Group, Inc. Reported Revenues of P1.3 Billion, Up 27% in Q12024

The Figaro Coffee Group (FCG), a leader in the Philippine food and beverage sector, reported revenues of P1.3 billion in the first quarter of 2024, up 27% from the same quarter last year. Net income after tax for the quarter was registered at P105 million, up 5% from the same period last year.​

FCG recorded P5 billion in revenue for the January–December 2023 calendar year, a 55% rise over P3.23 billion in the same year. With a net income after tax of P480.38 million at the end of 2023, the company outperformed the same time in the previous year by 84%. This was accomplished by optimizing internal operations, which reduced overhead and operational expenses in order to manage inflationary pressures.

The deliberate opening of 67 new stores in 2023 drove store expansion. Of the 67 recently opened businesses, nine were located in Visayas, three in Mindanao, and fifty-five in Luzon. Furthermore, the business saw a 6% increase in same-store sales in 2023 over 2022, mostly attributable to the Angel's Pizza brand. The year-over-year boost in dine-in traffic drove up same-store sales for both Figaro Coffee and Tien Ma's Taiwanese.

Additionally, FCG opened Koobideh Kebabs, its first casual-dining kebab brand, in Makati in 2023. Koobideh Kebabs serves chicken and beef kebabs, along with other Middle Eastern side dishes. By the end of 2023, FCG had 203 locations overall, divided into 124 stores for Angel's Pizza, 64 stores for Figaro Coffee, 10 Tien Ma's Taiwanese stores, 4 Cafe Portofino stores, and 1 Koobideh Kebabs store.

Mr. Justin Liu, Chairman of FCG, commented on the performance saying, “Reflecting on our 2023 performance fills us with immense pride. We've achieved remarkable milestones, a testament to the dedication and resilience of our team. As we look ahead, we're energized by the prospects of future growth and success. As FCG progresses into 2024, our commitment is to continue to expand our presence, pursue sustainable growth, and continue product innovation to deliver enhanced value to our customers and shareholders.”

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.

FCG has one subsidiary, Figaro Coffee Systems, Inc. (FCSI), through which it operates and/or franchises a network of retail restaurants. These include Figaro Coffee, a coffee shop chain with domestic and international branches; Angel's Pizza, a pizza store chain; Tien Ma's, a Taiwanese cuisine restaurant chain; Koobideh Kebabs, a casual-dining kebab chain; and Café Portofino, a cloud-kitchen outlet which primarily serves a variety of food and pastries.

As of 07 May 2024, Figaro Coffee Group operates a total of 205 stores across all brands.