Jollibee Foods Corporation (JFC), a leading Asian food service company, announced a strong finish for 2023 with significant growth in its fourth quarter and full-year financial results.
CEO Ernesto Tanmantiong highlighted an all-time high annual revenue of Php244.1 billion, marking a 15.2% increase from the previous year, and a record operating profit of Php14.4 billion, up by 45%.
The company’s system-wide sales surpassed Php300 billion, with a 16.3% growth driven by a 10.6% increase in same-store sales and expansion from new stores.
JFC opened 658 new stores in 2023, expanding its global network to 6,885 stores. The company remains focused on its growth priorities, including expanding the Jollibee brand internationally and enhancing digital transformation efforts.
CFO Richard Shin expressed confidence in continuing this growth trajectory in 2024, supported by effective cost management and operational efficiency.
JFC plans to open 700 to 750 stores in 2024, with capital expenditures projected between Php20.0 to Php23.0 billion. The board declared regular cash dividends for Series A and B preferred shares, emphasizing the company’s robust financial health and commitment to shareholder value.
Additionally, Jollibee was recognized as the world’s second fastest-growing restaurant brand, reinforcing its strong market position and brand value. – BusinessNews.ph
