The Figaro Coffee Group (FCG), one of the Philippines’ leading and beloved food and beverage companies, said it plans to open 18 more stores this year as it remains aggressive with store expansion outside Metro Manila.
FCG president and chief executive Divina Cabuloy said the planned store expansion would cost roughly P250 million.
The store openings will be across the country including Laguna, Pampanga, Rizal, Cebu, Pangasinan, Bohol, Ormoc and Davao.
It said of the 18 new stores, 12 will be for Angel’s Pizza, 5 Figaro Coffee and a new restaurant offering Middle East food.
FCG chairman Justin Liu said there is still a lot of room to grow the company’s homegrown brands.
“The Figaro Coffee Group remains firmly poised for growth in the coming years, with ample funding for capital expenditure requirements, strong margins, and positive projections in terms of transaction counts and same-store sales percentage,” the company said.
FCG plans to aggressively franchise its brands to interested investors.
It noted that revenues managed to grow by 75 percent in the first half of the year to P4.28 billion amid new store openings, complemented by a 6-percent increase in same-store sales.
Net income after tax jumped 133 percent to P462.6 million from P198.2 million, driven by increased volumes and efficient cost management.
The group operates 60 Figaro Coffee stores, 116 Angel’s Pizza outlets, 10 Tien Ma’s locations and six Café Portofino establishments for a total of 192 stores.
The company earlier made strategic moves to improve its cash flow and financial position including the infusion of P820 million from Monde Nissin, along with funds from the IPO proceeds of the previous year.
These moves bolstered FCG’s assets from P1.8 billion to P3.2 billion by the end of June 2023.