Listed food and beverage firm The Figaro Coffee Group (FCG) reported a 6.7 percent improvement in its net income to P282.24 million for the first half of its fiscal year ending June 30, 2024 from the P265.11 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said gross revenues jumped 35.69 percent to P2.77 billion in the first half of the current fiscal year from P2.04 billion year-on-year.

“The company saw improvements in top-line sales, bottom-line margins, enhanced store operations, strengthened commissary capacities, and laid the groundwork for further growth in the future,” FCG said.

For the quarterly period ended Dec. 31, 2023, the company achieved revenues of P1.45 billion, a 42 percent increase versus same period last year. Net income for the quarter also registered at P195 million, a 7.2 percent increase from same period of last year.

For the full year 2023 from January to December, the company achieved total revenues of P5 billion, marking a significant increase of P1.8 billion, from P3.2 billion in the same period of 2022, achieving a 55 percent growth in revenues.

It also reported a net profit margin of 10 percent or P480.4 million, 84 percent higher compared to the same period in 2022.

The group achieved an all-time high total store count, ending 2023 with 203 total stores which were composed of 64 Figaro Coffee stores; 124 Angel’s Pizza stores; 10 Tien Ma’s Taiwanese cuisine stores; one Koobideh Kebabs store; and four Cafe Portofino stores. In 2023, the company opened a total of 68 new stores.

“Despite global inflation challenges, FCG navigated 2023 successfully. The company optimized key expenses, reducing cost of goods sold to 32 percent from the previous year's 38 percent, said FCG Chief Financial Officer Jose Petronio Español III.

He added that “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.”