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HOMEGROWN fast-food giant Jollibee Foods Corp. (JFC) said Friday that its net income breached the P10-billion mark last year as global systemwide sales (SWS) reached P390.3 billion, up 13 percent from 2023.
In a disclosure, JFC reported a net income of P10.8 billion for 2024, up 20.1 percent from P8.99 billion in 2023.
“I am particularly pleased with the continued consistent execution of the Jollibee brand, which grew SWS by 14 percent globally,” Jollibee Group CEO Ernesto Tanmantiong said in a statement.
He added that JFC’s Philippine business grew by 11.4 percent, driven by same store sales growth (SSSG) of 7.9 percent, while Jollibee International delivered 22-percent growth with strong SSSG across markets.
“These results demonstrate the strength of the Jollibee brand and how well positioned it is to win with global consumers,” Tanmantiong said.
The acquisition of South Korean coffee chain Compose Coffee last August further expanded JFC’s coffee and tea segment. A total of 361 stores were opened 2024 with SWS growth of 37 percent, with Compose Coffee said to have contributed 22.6 percent.
“Our results for 2024 keep us on track to deliver our 2028 ambitions of tripling our net income attributable to equity holders of the parent company and growing ROIC (return on invested capital) to 20 percent,” Tanmantiong said.
Consolidated revenues grew 10.5 percent for the fourth quarter and 10.6 percent for 2024 to P73.7 billion and P269.94 billion, respectively.
SWS from company-owned and franchised stores grew by 15.9 percent year-on-year in the fourth quarter and by 13 percent for 2024.
Full-year SWS of the Philippine business grew by 10.1 percent, boosted by the Jollibee, Chowking and Mang Inasal brands, while international SWS grew by 17.6 percent.
Compose Coffee contributed 7.9 percent to the international business’ SWS growth, while China’s SWS dipped by 8.3 percent as a soft macro environment dampened consumer spending.
JFC said that SSSG for the domestic business was 7.5 percent while the international business grew by 2.8 percent.
The Jollibee Group increased its footprint by 41.8 percent to 9,766 outlets last year, with Compose Coffee adding 2,629 stores. Another 674 stores opened during the year, partly offset by 348 stores that were closed.
Operating profit in 2024 grew by 17.2 percent to P16.9 billion driven by a higher gross profit margin.
For the fourth quarter, JFC’s net income attributable to equity holders of the parent company declined by 4.8 percent to P1.9 billion, attributed to the group’s share in the net losses of certain joint ventures.
JFC Group Chief Finance Officer Richard Shin said that as anticipated, “our China business experienced strong headwinds putting pressures in both top line and bottom line.”
“We remain focused on executing our long-term growth strategy and will continue to put emphasis on shareholder value creation … and expanding our market presence,” he added.
Looking ahead, the Jollibee Group plans to open roughly 700-800 stores across brands and regions this year and spend between P18 billion and P21 billion on consolidated capital expenditures.
Shin said the group was expecting 10- to 15-percent operating profit growth this year.
Shares of JFC rose P2.80, or 1.09 percent, to P260 apiece on Friday.
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Credit belongs to : www.manilatimes.net
