Figaro coffee ends 2023 with P480.38 million in net income

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Business.(Business File photo)

IN 2023, the Figaro Coffee Group (FCG) achieved a landmark revenue of P5 billion, marking a 55 percent increase over the previous year’s P3.23 billion.

The company ended 2023 with a net income after tax of P480.38 million, an increase of 84 percent compared to the same period in the previous year.

Store growth was propelled by the strategic opening of 67 new stores in 2023. Within the 67 newly opened, 55 stores were opened in Luzon, nine in the Visayas and three in Mindanao.

Additionally, the company witnessed a six percent growth in same-store sales in 2023 compared to 2022, driven primarily by the Angel’s Pizza brand.

Tien Ma’s Taiwanese and Figaro Coffee also experienced an increase in same-store sales, fueled by an improvement in dine-in traffic throughout the year.

In 2023, FCG likewise launched its first casual-dining kebabs brand, Koobideh Kebabs in Makati. FCG ended 2023 with a total of 203 stores, broken down to 124 Angel’s Pizzas stores, 64 Figaro Coffee stores, 10 Tien Ma’s Taiwanese stores, four Cafe Portofino stores and one Koobideh Kebabs store. / PR

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