MANILA, Philippines – Jollibee Foods Corporation (JFC) is looking to add up to 800 stores to its network after its net income surged 20.1% to P10.7 billion in 2024.
In a disclosure to investors on Friday, March 14, the Philippine fast-food giant said it saw its system-wide revenues jump 13% year-on-year to P390.3 billion as Jollibee’s domestic business grew 22%.
Jollibee International, meanwhile, logged growth across the following markets:
- Vietnam – 16.8%
- China (Hong Kong and Macau) – 13.2%
- Europe, Middle East and Africa – 11.6%
- North America – 8.1%
Despite the growth in other regions, JFC’s chief financial and risk officer Richard Shin admitted its China business experienced what he described as “strong headwinds.”
“The performance of our better burger category was also below expectations. While same store sales growth turned positive during the fourth quarter, we need to further grow average daily sales and continue to work on profitability for this category,” he said.
Compose Coffee — which JFC acquired in July 2024 — contributed 22.6% to growth as it opened 361 stores during the year.
“These results demonstrate the strength of the Jollibee brand and how well positioned it is to win with global consumers,” JFC’s president and chief executive officer Ernesto Tanmantiong said.
In the fourth quarter of 2024, Jollibee’s net income attributable to equity holders of the parent company (NIAT) slipped 4.8% to P1.9 billion due to the group’s share in net losses of certain joint ventures.
Other income in the final quarter also dropped to P341.1 million due to a 10-time decline in mark-to-market gain on financial assets. This decline stemmed from the redemption of investment in bond funds of Jollibee Worldwide for the acquisition of Compose Coffee.
This year, Shin said the homegrown fast-food giant is earmarking up P18 billion to P21 billion in capital expenditures to open 700 to 800 stores across all its brands.
“We expect to deliver an 8% to 12% growth in SWS (system-wide sales) in 2025, with 4% to 6% growth in same store sales and store network growth of 4% to 8%. Operating profit growth will be in the range of 10% to 15%,” he said.
As of December 2024, JFC has 9,766 stores across all its brands, which include Chowking, Mang Inasal, Greenwich, Coffee Bean and Tea Leaf and Tim Ho Wan. – Rappler.com