AMID the challenges of an inflation-laden year, 2023 emerged as a banner year for The Figaro Coffee Group. For the quarterly period ended Dec. 31, 2023, the company achieved revenues of P1.45 billion, a 42 percent increase versus the same period last year.
Net income for the quarter also registered at P195 million, a 7.2 percent increase from the 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 an impressive 55 percent growth in revenues and remarkable 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.