FIGARO COFFEE Group, Inc. is changing its name to Figaro Culinary Group, Inc. as it expands its brand identity.
The Securities and Exchange Commission (SEC) approved the name change on Feb. 18, Figaro said in a regulatory filing on Thursday.
“The board has determined that it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity. The new name will outline the company’s commitment to quality and innovation as it expands its offerings to include a wide range of culinary products and experiences,” Figaro said.
Figaro’s board approved the name change in October last year. Despite the rebranding, the company will continue using the stock symbol ‘FCG.’
For the first half of its fiscal year ending in June, Figaro recorded a 15% increase in net profit to P325.53 million from P282.94 million a year earlier.
Revenue rose by 2.5% to P2.84 billion, while operating expenses declined by 16.3% to P777.85 million.
As of end-2024, Figaro operated 216 stores nationwide, including 142 under the Angel’s Pizza brand, 63 Figaro Coffee locations, eight Tien Ma’s branches, two Café Portofino outlets, and one Koobideh Kebabs store.
On Thursday, Figaro shares gained 2.67% or two centavos to close at 77 centavos per share. — Revin Mikhael D. Ochave
