Figaro declares cash dividends

Figaro Coffee Systems Inc. (FCSI), a unit of listed firm Figaro Coffee Group, said it declared cash dividends after it had a banner year in 2021, when it opened multiple stores.

The company said it is optimistic that 2022 is another banner year for Figaro Group as they expect to end the year with at least 140 systemwide stores composed of all portfolio brands under the Figaro group.

“Despite the pandemic crisis, the previous year has certainly been significant for us. Back when people were still restricted to their homes and the demand for food delivery was at its peak, our company’s immediate response was to keep our kitchens operational,” Figaro President Justin Liu said.

“Angel’s Pizza was among the strong food brands with a focus on high quality and service during the pandemic, making us one of the top choices for pizza orders. This is why our brand Angel’s Pizza emerged as a front-runner, favored and recognized by many today.”

Figaro said the performance of its unit enabled the company to open more Angel’s Pizza stores as they see it as the growth driver both for its top line and for its profitability.

The company said it declared P90 million in cash dividends, or 59 percent of the net income after tax of FCSI for 2021. The unit last year made a profit of P152.84 million, a 51 percent growth from the previous year’s P101 million.

Its revenues more than doubled, driven by the 141 percent surge in systemwide sales and the net addition of 21 stores during the year making the total store count to 107 stores by end-2021, up from 86 stores in 2020.

Its average weekly unit sales also increased by 88 percent to P526,600 from P279,000 in 2020, brought about the by the increase in delivery sales.

“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.

Figaro group consists of flagship, homegrown brands such as Figaro Coffee, and also Angel’s Pizza, Tien Ma’s and The Figaro Group Express.

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