Village Connect
In a noteworthy development for the food and beverage sector, Figaro Coffee Group, Inc. (FCG) has reported an impressive 27% increase in consolidated revenues for the fiscal year ending June 30, 2024, reaching ₱5.45 billion, up from ₱4.28 billion the previous year.
This growth surge can be attributed to a record 57 new store openings, with Angel’s Pizza accounting for 80% of these expansions, demonstrating the brand’s strong market presence.
Mr. Pet Español III, FCG’s Chief Financial Officer, expressed pride in the company’s ability to enhance gross margins from 45% to 47% despite the ongoing challenges posed by inflation.
He credited efficient cash management and robust partnerships with suppliers for this achievement, stating, “By maximizing our operating cash flow through disciplined financial practices, we have effectively mitigated the impacts of global inflation, improving our gross margins by 2 percentage points.”
Beyond revenue growth, FCG has also reported a healthy net profit after tax of ₱628.4 million, representing a 36% increase compared to the previous fiscal year. The company successfully maintained operating expenses at a steady 35% of revenues, underlining its commitment to operational efficiency while expanding its store footprint from 167 to 206 locations by the end of June 2024.
The positive momentum carried into the first quarter of fiscal year 2025, with revenues rising by 6% to ₱1.39 billion and net income after tax climbing 17% year-over-year to ₱103.5 million.
Justin Liu, Chairman of FCG, expressed his pride in the team’s dedication and achievements, emphasizing, “Our performance is a testament to our relentless pursuit of operational excellence and our commitment to providing outstanding customer experiences.
As we look to the future, our focus is on continuing to elevate our standards and ensuring that every customer interaction reflects our passion and quality.” With a strategic focus on meeting the growing demand for high-quality, convenient food options, FCG is set for sustained growth.
By leveraging its diversified brand portfolio and strong financial performance, the company is well-positioned to navigate the evolving landscape of the food and beverage industry while continuing to delight Filipino consumers.
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