2023 and beyond with the Figaro Coffee Group

MANILA, Philippines — The Figaro Coffee Group, one of the Philippines’ leading and beloved food and beverage conglomerates, hosted a remarkable press conference at the Edsa Shangri-La Mandaluyong.

The exclusive event, titled “2023 Business Performance and Beyond,” was graced by graced by Figaro Coffee Group's top management, including chairman Justin Liu, president and CEO Divine Cabuloy, COO and EVP Mike Barret and CFO Petronio Español III.

A major highlight of the conference was the exciting update on the expansion of Figaro Coffee Group’s portfolio of brands. As of 2023, the group operates 60 Figaro Coffee stores, 116 Angel’s Pizza outlets, 10 Tien Ma’s locations, and six Café Portofino establishments—a total of 192 stores.

Moreover, the Figaro Coffee Group has set its sights on new horizons, with upcoming store openings in Laguna, Pampanga, Rizal, Cebu, Pangasinan, Bohol, Ormoc and Davao for the remainder of 2023.

The Figaro Coffee Group’s financial performance for the year ending June 30, 2023, showcased impressive growth and resilience. Revenues surged by a remarkable 75%, primarily attributed to the extensive expansion and opening of 44 new stores during the period, bringing the total number of stores to 167.

This expansion was complemented by a 6% increase in same-store sales compared to the previous year, driving total revenues to a substantial P4.28 billion, up from P2.44 billion in the same period the year before.

The group encountered a slight decline in gross margin, dropping from 49% to 45% in June 2023. This was largely due to global inflation affecting major raw materials, particularly within Angel’s Pizza.

However, this was mitigated by careful management of overhead costs, maintaining operating expenses at 31.7% of sales, a notable improvement from the 38.8% ratio from the same period the previous year.

Despite these challenges, net income after tax witnessed an extraordinary 133% increase, soaring to P462.6 million from P198.2 million, driven by increased volumes and efficient cost management.

The Figaro Coffee Group also made substantial strides in improving its cash flow and financial position. An infusion of P820 million from Monde Nissin,