Listed Figaro Coffee Group Inc. or FCG booked a net income of P462.6 million during the first half of the year — a 133 percent surge from P198.2 million in the same period a year ago.

Revenues during the period also grew by 75 percent to P4.28 billion from P2.44 billion last year.

In a report on Monday, the company attributed the financial gains to "higher volume and efficient management of overhead costs, demonstrating the company's commitment to enhancing both production and productivity."

Aggressive store expansion

FCG also noted that the overall growth was driven by its aggressive store expansion and openings, which saw the addition of 44 new stores during the reported period — bringing its total store count to 167 as of end-June.

The company has a total of 186 stores across all brands, with more under construction.

FCG wholly owns Figaro Coffee Systems Inc., through which it operates and/or franchises a network of restaurants — including Figaro Coffee, Angel's Pizza and Tien Ma, among others.

"We are very humbled by the patronage of old and new customers to our brands and we are excited to continue our prudent expansion and product innovation. While there are many challenges, we will press on to give the best product and value-for-money for our customers," FCG chief executive officer Divine Cabuloy said.

To recall, Monde Nissin — the maker of the famous Lucky Me! brand — has invested nearly P1 billion to acquire a 15 percent stake in FCG to strengthen both of their presence in the food service sector.

The proceeds from the transaction equipped FCG with additional financial strength to bankroll its expansion plans.