Jollibee Foods Corp. (JFC) has earmarked a P17.8-billion capital expenditure (capex) this year as it reported profit of P5.94 billion last year, a reversal from its P11.51-billion loss the prior year.
It said P10 billion of the capex will be used to expand its store network and renovate existing stores, and the remaining P7.8 billion to improve its supply chain and business technology.
Jollibee plans to open 500 new stores this year for its various brands, improving from the 398 stores opened last year. It also plans to build a new commissary facility in Cebu to support its expansion plans in Visayas and Mindanao.
“These capital expenditures will be primarily funded by cash generated from operations, bank loans and excess cash from the remaining proceeds from the bond issuances,” the company said.
Jollibee’s swing to profit was amid an 18.7-percent increase in revenues at P153.51 billion compared with P129.31 billion in 2021. Systemwide sales rose 20.3 percent to P211.72 billion from P175.97 billion the prior year.
