Figaro H2 income surges as store network expands

Figaro Coffee Group Inc., an operator of cafes and a number of restaurants, said its income in the second semester of 2022 rose 47 percent to P265.11 million from the previous year’s P179.62 million.

Systemwide sales from July to December grew by 79 percent to P2.05 billion from P1.14 billion in the same period in 2021.

“This was brought about by the opening of stores which brought the total number of stores to 150 by the end of December 2022. This resulted to an 88-percent increase in revenues versus same period last year,” the company said.

Figaro, which operates the homegrown coffee shop brand of the same name and pizza chain Angel’s Pizza, went public in June 2021.

Revenues for the six-month period almost doubled to P2.04 billion from the previous P1.08 billion.  For the entire 2022, meanwhile, the company’s revenues reached P4.47 billion. Gross profit increased by 91 percent primarily due to the rise in volume from store expansion and opening, though the gross profit margin slightly reduce to 48 percent from 49 percent due to the higher cost of major raw materials.

Operating costs also increased by 114 percent as a result of the massive store opening activities during the year and the initial public offering activities resulting to increasing overhead costs.

Much of the company’s revenues came from Angel’s Pizza, which reached P1.34 billion during the period , up by 52 percent from the previous year’s P877.76 million. For the entire 2022, the pizza chain delivered revenues of close to P3 billion.

Figaro Coffee, meanwhile, delivered P90.44 million in revenues for July to December, or almost doubled from the P47.28 million in the previous year. For the entire year, Figaro Coffee’s revenues reached P116.01 million.

The company said its cash and cash equivalents as of end-2022 stood at P259 million, some 32 percent up versus the cash balance as of June 30, 2022 audited financial statement. Cashflow from operations during the period provided an inflow of P151.7 million, while the investing and financing activities during the period provided a net outflow of P10.7 million and P77.6 million, respectively.

The company was able to fully liquidate all its interest-bearing bank loans in September. It has new availments of P30 million from UnionBank as of end-2022.


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