Figaro Coffee Group Inc. said Tuesday its 100-percent owned unit that operates a pizza and coffee chain registered record profits and sales in 2021.
Figaro said in a disclosure to the stock exchange Figaro Coffee Systems Inc. booked an unaudited net income of P436.6 million in 2021, up 274 percent from P155.1 million in 2020. Unaudited revenues also jumped 253 percent in 2021 to P2 billion from P794 million a year earlier.
FCSI operates a network of retail restaurants including Figaro Coffee, a coffee shop with domestic and international branches; Angel’s Pizza, a pizza store chain; and Tien Ma’s, a Taiwanese cuisine restaurant.
Figaro attributed the strong performance of FCSI to the surge in the delivery sales of Angels Pizza and rollout of additional stores. In 2021, FCSI reported a net opening of 18 stores or about 20-percent increase in its store network.