LISTED Figaro Coffee Group Inc. (Figaro/FCG) said on Tuesday that business unit Figaro Innovation and Development Inc. (FIDI) had been registered as an export enterprise by the Philippine Economic Zone Authority (PEZA).
In a disclosure, Figaro said it had received a copy of the certificate of registration issued by the PEZA certifying FIDI’s registration as an export enterprise engaged in the production of pizza products and frozen pizza.
The certification was issued in connection with FIDI’s application to engage in the production of pizza products and frozen pizza at the Laguna Technopark–Special Economic Zone (LT-SEZ).
FIDI will be entitled to an income tax holiday for five years, a 5-percent special corporate income tax for 10 years, duty exemption for 15 years, as well as value-added tax (VAT) exemption and zero rating for 15 years.
This will be subject to terms and conditions set in the registration and provisions under Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (Create) Act.
PEZA and FIDI also executed on Tuesday a supplemental agreement that will form part of a registration pact.
The agreement covers FIDI’s production of roasted coffee and pizza products at the LT-SEZ under standard registration terms and conditions.
The Figaro Coffee Group reported a net income of P387.6 million for the nine months ending March 31, 2024, up 5 percent from P370.7 million in the same period last year.
It booked a net income of P104.5 million in the fiscal third quarter ending March 2024, up from P387.5 million last year.
Gross revenue for the nine months to March rose 32 percent to P4.1 billion from last year’s P3.1 billion.
For the first half of 2024, its pizza chain Angel’s Pizza recorded sales of P1.2 billion on the Grab Food delivery platform alone, a year-on-year growth of 63 percent.
“Achieving P1.2 billion in sales on Grab in the first half of 2024 is a monumental milestone that reflects our dedication to providing high-quality products and excellent service to our customers,” FCG Chairman Justin Liu earlier said.
Figaro shares rose 1.25 percent to P0.81 apiece on Tuesday amid a 0.23-percent dip for the benchmark Philippine Stock Exchange index.
Be the first to comment