Jollibee Foods Corp. reported a 23 percent increase in net income for the first nine months of 2024, reaching ₱8.87 billion, up from ₱7.22 billion during the same period last year. The growth was fueled by strong sales across its global operations and the consolidation of Compose Coffee, which the company acquired earlier this year.
The fast-food giant’s system-wide sales for the period rose 12 percent to ₱281.1 billion, compared to ₱251.09 billion in 2023. The performance was driven by the expansion of its international business, which saw a 20.5 percent sales increase, largely attributed to the inclusion of Compose Coffee in the company’s portfolio.
Jollibee CEO Ernesto Tanmantiong highlighted the strategic importance of the Compose Coffee acquisition, noting, “During the third quarter, we successfully completed the acquisition of Compose Coffee, and the results we are reporting today reflect the positive impact of this value-accretive transaction.” He also pointed to the company’s strong global performance, with international sales contributing 11 percent to the growth in company sales.
For Q3 2024, Jollibee reported system-wide sales of ₱98.48 billion, up 13 percent from ₱86.96 billion in the same quarter last year. Net income for the quarter grew by 18 percent, reaching ₱2.98 billion, compared to ₱2.53 billion in Q3 2023.
Despite challenges from a record-breaking performance in the previous year, Jollibee saw a solid 11.6 percent increase in operating income and an 80 basis-point improvement in gross profit margin for the quarter. The company also acknowledged that while operating income for its international business, excluding Compose Coffee, had declined compared to last year, it remained profitable.
Additionally, the Jollibee brand was recently recognized as Southeast Asia’s number one brand in a study by marketing analytics firm Campaign Asia. Tanmantiong remarked, “This achievement reflects our commitment to bringing great-tasting food and joy to our customers.”
Jollibee’s store network continued to expand, increasing by nearly 43 percent to a total of 9,598 outlets by the end of September. The Philippines accounted for 3,340 stores, while international locations reached 6,258, with significant growth in markets such as China, North America, Europe, and Vietnam, where the company operates under various brands like Highlands Coffee, CBTL, and Milksha.
The company has declared a cash dividend of ₱1.82 per share, bringing the total dividend for 2024 to ₱2.97 per share, a 29 percent increase over last year.
Richard Shin, Jollibee chief financial and risk officer, commented, “This quarter’s earnings performance was highlighted by the consistent strong performance of the Philippine business and contributions from Compose Coffee, despite our investment in people weighing on general and administrative expenses.”
Looking ahead, Jollibee remains optimistic about sustaining its momentum, bolstered by both organic growth and its recent acquisitions.
