Jollibee Foods Corp., one of the largest Asian food service companies, said Tuesday its net income in 2023 increased 16 percent year-on-year to P8.77 billion on strong sales and improve operating margins.
System-wide sales, a measure of sales across all Jollibee brands, both from owned and franchised restaurants, increased 16 percent to P345.32 billion, driven mainly by higher growth of Philippine operations, which accounted for 61 percent of overall sales. Total revenue was up 15 percent year-on-year to P244.11 billion.
“Our full year 2023 results reflect the strength of our execution and resiliency of our brands,” said Jollibee chief executive officer Ernesto Tanmantiong.
Jollibee opened 658 stores during the year and grew store network by 6.3 percent to 6,885 stores at year-end, both above the company’s guidance for 2023 of 550-600 new stores and 5.0 percent increase in store network.
Tanmantiong said that moving forward, Jollibee intends to focus on expanding the Jollibee brand abroad, growing the coffee and tea business, opening more restaurants in multiple lower-tier cities in China, and sustaining strong growth and market leadership in the Philippines.
“We will ramp up franchising to support our global expansion. We will also accelerate our digital transformation and bring capabilities on-par with global Quick Service Restaurant leaders to increase operational efficiency and further improve customer experience and revenue management,” the Jollibee CEO said.
While we work on driving JFC’s long-term growth, we will remain committed to governance, ethics, sustainability, and responsible business practices. Our strategies combined with a portfolio of strong and valuable brands and the support of our talented global team give me the confidence that we will be able to achieve our goal to triple our value (in terms of net income attributable to equity holders of the Parent Company) in five years.”
Jollibee chief financial officer Richard Shin said that as the company continues to open new stores this year, it will be mindful of managing top line growth, cost and operational efficiency. “This gives us the confidence that we will continue to deliver revenue and profit growth, as well as margin and operating cash flow expansion in 2024,” he added.
