Figaro Coffee Systems, Inc. (FCSI), a wholly-owned subsidiary of Figaro Coffee Group, Inc. (FCG), registered record revenues and net income last year amid the pandemic.

In a disclosure to the Philippine Stock Exchange, FCG said FCSI posted a 274 percent surge in unaudited net income before tax to P424.6 million in 2021 from the P155.1 million earned in 2020.

This was brought about by the increase in revenues and the improvement in gross margins from 59 percent in 2020 to 65 percent in 2021.

In 2021, FCSI registered a 253 percent jump in total unaudited revenues to P2.01 billion from the P794 million posted in 2020.

This was brought about by the surge in the delivery sales of Angels Pizza (AP) and the net opening of 18 stores for the year 2021, or about 20 percent increase in their store network.

This brings the total store network to 108 stores as of the end – December 2021 from 90 stores in 2020. This was an all-time record for the number of store openings in a single year.

FCG is moving forward with its expansion plans this year with the opening of 41 stores across its three brands as it sees the economy reopening this year.

The firm said it plans to open 29 Angel’s Pizza outlets, 6 The Figaro Group Express multi-brand outlets, 5 Figaro Coffee shops and 1 Tien Ma’s Taiwanese restaurant.

"We are optimistic that the economy will further improve this year with the Alert Levels coming down and vaccination drives by the government continuing with strength. We look forward to people going about their daily lives outside gradually and in a safe manner,” said FCG Chairman Justin Liu.

For the first quarter, FCG is set to open five Angel's Pizza stores located namely in Lipa, Batangas, Hanston Building in Ortigas Center, Cebu City, Calamba, Laguna and in Avida Towers Cityflex, BGC.

"The opening of outlets in BGC and Ortigas Business District is part of our optimism that offices and the economy will come back,” said Liu.

He added that, “Furthermore, we see continued growth and strength outside Metro Manila, hence our new stores in Lipa, Cebu and Laguna. We will continue to grow our outlets to reach our beloved customers and meet them where they are.”

As of January 21, 2022, Figaro Coffee Group operates a total of 109 stores. This includes 56 Figaro coffee shops, 39 Angel’s Pizza outlets, 6 Tien Ma’s Taiwanese cuisine restaurants, 7 TFG Express outlets and 1 Café Portofino outlet.