Figaro unit posts record profit as delivery sales rise

FIGARO Coffee Group, Inc.’s (FCG) wholly owned subsidiary Figaro Coffee Systems, Inc. (FCSI) logged record profit and revenues due to the uptick in pizza delivery sales and the group’s store expansion.

FCG is a food holding company that owns Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese cuisine, The Figaro Group (TFG) Express, and Café Portofino. FCSI operates and/or franchises the brands’ retail restaurants.

In a disclosure to the exchange on Monday, Figaro said FCSI’s unaudited net income before tax surged nearly three times or 274% to P424.6 million in 2021 from P155.1 million the previous year.

Meanwhile, FCSI’s unaudited revenues in 2021 totaled P2.01 billion, climbing 253% from 2020’s P749 million. Its gross margins also improved to 65% in 2021 from 59% previously.

“This was brought about by the surge in the delivery sales of Angel’s Pizza and the net opening of 18 stores for the year 2021,” Figaro said.

The launch of 18 more stores in 2021 brought FCG’s store count to 108 stores, 20% more than the 90 stores it had in 2020. The company said it was “an all-time record of the number of store openings in a single year.”

As of Jan. 21, the group’s store network stood at 109 stores, including 56 Figaro Coffee shops, 39 Angel’s Pizza outlets, seven TFG Express outlets, six Tien Ma’s Taiwanese cuisine restaurants, and one Café Portofino outlet.

Figaro announced on Friday that it was planning to open five more Angel’s Pizza outlets in the first quarter this year. The new stores will be located in Lipa in Batangas, Ortigas Center’s Hanston Building, Cebu City, Calamba in Laguna, and in Bonifacio Global City’s Avida Towers Cityflex.

The company listed on the Philippine Stock Exchange in late January, raising P767 million. It plans to use a portion of its proceeds to open 29 Angel’s Pizza stores, six TFG Express outlets, five Figaro Coffee shops, and one Tien Ma’s Taiwanese cuisine restaurant.

Figaro aims to have 150 system-wide stores by the end of this year and over 300 system-wide stores by the end of 2029.

On Monday, Figaro shares at the stock exchange went up 5.88% or five centavos to close at 90 centavos per share. — Keren Concepcion G. Valmonte