Jollibee Foods Corp. continued its steady expansion both locally and abroad, driving an 18 percent rise in net income to P10.32 billion last year. The growth keeps the company on track to meet its five-year goal of tripling net profit to P26 billion by 2028.
Much like its iconic red-and-yellow mascot, Jollibee has been a busy bee in expanding its global presence, with the group’s store network surging 42 percent last year to 9,766 locations, two-thirds of which are now overseas.
System-wide sales in 2024 increased by 13 percent, reaching P390.3 billion. Same-store sales (SWS) in the Philippines rose 11 percent, while international SWS saw a significant 22 percent increase.
“Looking ahead to 2025, Jollibee plans to open 700-800 stores across regions and brands, with capital expenditures between P18 billion to P21 billion. We expect same-store sales growth of 8 percent to 12 percent, with a 4 percent to 6 percent increase in SWS and 4 percent to 8 percent store network growth. Operating profit is expected to grow by 10 percent to 15 percent,” said Richard Shin, Jollibee’s chief financial and risk officer.
Shin also noted challenges in China, where strong headwinds affected both top and bottom lines, and in the company’s better burger category, which fell below expectations. “While same-store sales growth turned positive in Q4, we need to continue growing average daily sales and improve profitability for this category,” he added.
Jollibee chief executive officer Ernesto Tanmantiong cited the strength of the Jollibee brand, highlighting the company’s strong top-line growth and operational discipline that keeps it on target for the 2028 net profit goal. “This led to a 60-basis point expansion in gross profit margin and a 40-basis point increase in operating income margin. We enter 2025 with full confidence in our ability to drive further growth and deliver value to shareholders,” he said.
Jollibee, which started over five decades ago as a small ice cream and burger joint, hit it big with its iconic fried chicken called Chicken Joy. Now, Jollibee restaurant brands include Chowking, Greenwich Pizza, Mang Inasal, Red Ribbon Bakeshop, Highlands Coffee in Vietnam, CBTL, Milksha, and Compose Coffee in South Korea.
