Jollibee sees 2024 as another banner year

MANILA, Philippines —  Asian food conglomerate Jollibee Foods Corp. (JFC) sees 2024 as another banner year for the company and looks forward to a stronger growth by next year.

“We expect this year to be another one of the best years for JFC because most of our brands are doing quite well in different markets,” Jollibee Group CEO Ernesto Tanmantiong said.

“Next year, we expect to grow as good as this year or even better,” he said.

JFC’s net income attributable to equity holder of the parent company from January to September surged by 24.1 percent year-on-year to P8.47 billion, driven by higher system-wide sales and contributions of a recently acquired South Korean value coffee brand.

Its system-wide sales for the period rose by 12 percent to P281 billion as the group’s store network expanded by 42.8 percent year-on-year to 9,598.

For this year, the group has set a global system-wide sales growth guidance of 10 to 14 percent, same-store sales growth of five to seven percent and operating income growth of 18 to 20 percent.

As it continues to penetrate big markets, the Jollibee Group is optimistic on sustaining a growth trajectory for the next five years.

JFC has set a strategic roadmap for the next five years as part of its vision to be one of the top five restaurant companies in the world.

The group is also aiming to triple its value in terms of net income attributable to equity holders of the parent company in five years.

“We are slightly ahead of this plan that we will triple our net income after tax in five years so what that means is end of 2028. And we’re tracking that so next year has to play the role and then the following two years need to play the role. We’re building on momentum,” Jollibee Group chief financial and risk officer Richard Shin said.

He said that JFC’s ability to grow and invest also means that the group is generating profits.

JFC acquired this year South Korean value coffee brand Compose Coffee, further fortifying the group’s coffee and tea business.

Last month, JFC also signed an agreement with a subsidiary of Titan Dining LP for the transfer of ownership and management of the Tim Ho Wan business to Jollibee Group’s wholly owned subsidiary, Jollibee Worldwide Pte. Ltd.

JFC said that Tim Ho Wan will be the flagship brand for the group’s Chinese cuisine segment.

“JFC today is one of the largest restaurant companies in Asia. We have today 19 brands in our portfolio operating in 32 countries with more than 9,500 stores,” Tanmantiong said.