FIGARO Coffee Group, Inc. more than doubled its net income for the fiscal year ending June 30 to P198.2 million, driven by the company’s store network expansion.

“We continue to focus on product quality, value-for-money and expansion in key areas in the Philippines,” Figaro Coffee Chairman Justin T. Liu said in a press release on Thursday.

Since the beginning of 2022, Figaro Coffee added 35 stores to its 107-store count last year. By year-end 2022, it is targeting to have a total of 163 stores in its network.

The company’s topline rose by 80% to P2.43 billion. Its gross margins also improved to 49% from 44%, which resulted in a 64% growth in its operating income.

“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,” Mr. Liu said.

According to Mr. Liu, dine-in sales in Figaro Coffee and Tien Ma brands and delivery from the Angel’s Pizza brand have contributed to this growth.

Meanwhile, the company’s board of directors has approved a P90-million cash dividend or P0.01936 per share to shareholders as of Nov. 21, 2022.

Figaro Coffee is a wholly-owned subsidiary of Carmetheus Holdings, Inc. It operates a network of retail restaurants through its subsidiary, Figaro Coffee Systems.

The retail restaurants include Figaro Coffee, Angel’s Pizza, and Taiwanese cuisine restaurant Tien Ma’s.

Figaro Coffee operates a total of 141 stores across all of its brands as of Oct. 13.

On Thursday, its shares closed unchanged at 58 centavos apiece. — Justine Irish D. Tabile