Philippines’ Figaro Coffee declares P90m cash dividends
This is thanks to an over 50% net income growth in 2021.
The Figaro Coffee Systems, Inc. (FCSI), a subsidiary of Philippine-based Figaro Coffee Group, declared cash dividends worth P90m.
This comes after the company recorded a 51% growth to P152.8m net income after tax in 2021, up from P101m.
FCSI President Justin Liu linked this growth to its Angel’s Pizza, which was amongst the strong food brands that emerged as a front-runner in the business.
“Now that the pandemic restrictions have lessened and people are slowly starting to return to their pre-pandemic ways, living their lives outside of their homes once again, we are looking to continue our momentum through the expansion of our stores in various areas nationwide,” Liu said.
Read more: From brewing beans to kneading doughs: Figaro Coffee Group finds niche in pizza delivery services
In 2021, the company’s revenue rose 131%, driven by the 141% surge in systemwide sales. This was also boosted by the opening of 21 additional stores during the year, bringing the total store network to 101.
FCSI added that it recorded an 88% increase in average weekly unit sales to P526,600 in 2021, from only P279,000 in 2020.