Figaro Coffee Group Inc., a leading coffee chain, reported a 111-percent increase in net income in its fiscal year ending June 2022 amid strong store roll-out.
Figaro said in a disclosure to the stock exchange Thursday net income in its first full fiscal year reached P198.2 million as revenues climbed 80 percent to P2.43 billion.
“We are very pleased to report that coming out of the pandemic and our initial public offering early this year, we have continued our excellent growth and positive momentum. We are seeing dine-in sales increasing on our Figaro Coffee and Tien Ma’s brands while delivery continues to be strong for Angel’s Pizza,” Figaro chairman Justin Liu said.
The company said gross margins improved to 49 percent from 44 percent through economies of scale and cost synergies. Operating income went up by 64 percent, while return on equity expanded 13.5 percent.