Manila, Philippines – The Figaro Coffee Group, a well-established company in the Philippine food and beverage sector, has officially released its financial report for the fourth quarter of 2023, showcasing strong growth and a stable financial position.

The company experienced growth in sales revenue, profit margins, improved store operations, increased commissary capabilities, and set the stage for future expansion.

In the face of inflationary pressures, 2023 proved to be a standout year for the company. In the fourth quarter ending on December 31, 2023, the company generated revenues of P1.45 billion, marking a 42% rise compared to the previous year. Additionally, the net income for the quarter reached P195 million, showing a 7.2% increase from the same period in the previous year.

In 2023, the company's total revenues reached P5 billion, showing a substantial increase of P1.8 billion from the previous year. This represents a remarkable 55% growth in revenues, with a notable net profit margin of 10% or P480.4 million, marking an 84% increase compared to 2022.

The company reached its highest-ever total store count in 2023, closing the year with 203 stores in total. This included 64 Figaro Coffee stores, 124 Angel’s Pizza stores, 10 Tien Ma’s Taiwanese cuisine stores, 1 Koobideh Kebabs store, and 4 Cafe Portofino stores. Throughout the year, the company launched 68 new stores.

Mr. Pet Español III, the Chief Financial Officer of FCG, stressed that despite facing global inflation challenges, the company managed to navigate through 2023 successfully. FCG achieved this by optimizing key expenses, lowering the cost of goods sold from 38% to 32% compared to the previous year. The strategic handling of financing costs, improved efficiencies, and leveraging economies of scale played a crucial role in mitigating the adverse impacts of inflationary pressures.

The company is ready to keep growing its stores and brands across the country to enhance its footprint in the Philippines.