FIGARO Coffee Group saw its net income expand 84 percent year on year to P480.4 million for the calendar year 2023, anchored on continued store expansion and prudent cost management.

In a disclosure on Friday, the food and beverage firm said total revenues last year jumped 55 percent to P5 billion from P3.2 billion as internal operations were optimized amid inflationary pressures.

"We've achieved remarkable milestones, a testament to the dedication and resilience of our team," Figaro Chairman Justin Liu said, expressing optimism about their future growth prospects.

"As [Figaro] progresses into 2024, our commitment is to continue to expand our presence, pursue sustainable growth, and continue product innovation to deliver enhanced value to our customers and shareholders," he added.

For its fiscal third quarter ending March 2024, the firm posted a 5-percent uptick in earnings to P105 million as revenues jumped 27 percent year on year to P1.3 billion.

Figaro opened 67 new stores last year, 55 of which were launched in Luzon, nine in the Visayas and three in Mindanao, bringing its total store network to 203 by year-end.

Same-store sales were said to have edged up 6 percent on an annual basis, fueled mainly by the Angel's Pizza brand, complemented by higher dine-in traffic for Tien Ma's Taiwanese stores and Figaro Coffee outlets.

Figaro in 2023 also unveiled its first casual-dining kebab brand, Koobideh Kebabs, in Makati, which offers beef and chicken kebabs, as well as other Middle Eastern side dishes.

As of the end of last year, the listed firm operated 124 Angel's Pizza stores, 64 Figaro Coffee outlets, 10 Tien Ma's, four Cafe Portofino stores and one Koobideh Kebabs store.

Figaro shares closed 1.39 percent higher at 73 centavos each on Friday amid a 0.47-downtick for the benchmark Philippine Stock Exchange index.