Philippine-based Figaro Coffee's net income rises by over 50% in Q1

Its net income after tax stood at P99.3m (US$1.7m). 

Philippine-based Figaro Coffee Group, Inc. reported its net income after tax grew by 52% to P99.3m, approximately US$1.7m, in the first quarter of the year. 

Over the same period, revenues reached P1.03b, reflecting a 95% year-on-year growth; whilst same-store sales climbed by 6%. 

Read more: Philippines’ Figaro Coffee Group income soars over 100% in 2022

The Company linked this growth to the opening of 29 stores from July 2022 to March 31, 2023. It currently has a total of 155 stores with 35 stores under construction.

“Figaro Coffee Group continues to post strong results as the consumer environment in the Philippines continues to progress well from the pandemic,” Justin Liu, Chairman, and Director, said. 

“Our strongest revenue contributor, Angel’s Pizza, is expanding aggressively and building more loyal customers while our other brands, Figaro Coffee, Tien Ma’s, and Cafe Portofino, continue to grow steadily.”