Jollibee Foods Corp. expects to spend as much as P19 billion this year to grow its business.
The largest quick-service restaurant group in the Philippines told regulators its profit jumped by 33.4 percent last year to P7.34 billion from P5.5 billion the prior year.
Revenues grew by 38 percent to P211.9 billion from P153.58 billion, as it generated systemwide sales of P296.82 billion, surging 40.2 percent from P211.72 billion previously.
Jollibee said its international business’ systemwide sales rose 34 percent, led by SuperFoods that grew by 100.2 percent; Europe, Middle East, Asia and Australia which increased by 42 percent; The Coffee Bean and Tea Leaf that rose 33 percent; and North America which went up by 29.9 percent.
China’s performance was flat due to strict coronavirus-related health measures and lockdowns.
Jollibee said same store sales in its Philippine businesses grew by 40.6 percent compared to the 7.7 percent posted by its overseas stores.
Excluding China, same store sale of t he foreign business grew by 12.1 percent while the global business grew by 30.2 percent. China’s same store sales declined by 12.6 percent.
“The Jollibee Group delivered another year of strong growth in challenging macroeconomic conditions,” said Ernesto Tanmantiong, Jollibee chief executive officer.
Richard Shin, Jollibee chief financial officer, said the company managed to post operating leverage as it reduced its store and manufacturing costs and operating expenses by 2.6 percent and 0.2 percent of revenues, respectively.
Shin said Jollibee expects its systemwide sales to grow by 15 to 20 percent this year, with same store sales growth at 7 to 10 percent, while increasing its store network by at least 5 percent.
Jollibee plans to open 550 to 600 owned and franchised stores in 2023, spending P17 billion to P19 billion as capital expenditure.
“Operating income growth will be in the range of 20.0 percent to 25.0 percent,” Shin said.
