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  • Jollibee Reports Record 2023 Financial Performance

    Jollibee Reports Record 2023 Financial Performance

    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

  • Jollibee To Operate Yoshinoya Stores in the Philippines

    Jollibee To Operate Yoshinoya Stores in the Philippines

    Jollibee Foods Corporation announced that it will establish a 50/50 joint venture with Yoshinoya International Philippines to operate and expand the Yoshinoya brand in the country.

    Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide.




    The joint venture, which will be the franchisee for Yoshinoya in the Philippines, plans to open 50 stores in the country in the long-term.

    “We are very pleased to enter this joint venture with the largest foodservice company in the Philippines. Jollibee will certainly have a significant positive impact on Yoshinoya’s business in the country, with its extensive consumer knowledge, operational focus, and presence in the Philippines,” said Yasutaka Kawamura, CEO & President of Yoshinoya Holdings.

    Jollibee Chairman Tony Tan Caktiong said JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine.

    The Philippines remains JFC’s most important market and Yoshinoya will be a strong addition to our presence in the country. I am confident that this is the beginning of a long-term and much larger partnership,” he stressed.

    Jollibee operates the largest foodservice and restaurant company in the Philippines with five wholly-owned brands – Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal – which are market leaders in their respective segments.

    Yoshinoya is JFC’s first ever Japanese food chain. The Yoshinoya brand will be a strong addition to the foreign franchised brands currently being operated by JFC in the Philippines, namely: Burger King (with 98 stores), PHO 24 (1 store) and Panda Express (1 store). These brands contribute 3.5% to the Philippine business’ systemwide sales.




    Jollibee earlier announced plans to open more than 400 stores worldwide following a pandemic-hit 2020 that dragged sales and revenues to decline by double digits.

    Jollibee CEO Ernesto Tanmantiong said most of the planned 400 new stores will be outside of the Philippines, particularly in North America, Vietnam, and China.

    “We aim for very strong sales and profit recovery in 2021 versus 2020. In 2021 and the years ahead, JFC’s sales and profit growth will be driven by its international business. We believe that out of this pandemic, we will merge as a stronger business and organisation,” Tanmantiong said. – BusinessNews.ph

  • Jollibee Plans To Open More Than 400 Stores Worldwide After 30% Revenue Decline

    Jollibee Plans To Open More Than 400 Stores Worldwide After 30% Revenue Decline

    Jollibee Foods Corporation has announced plans to open more than 400 stores worldwide following a pandemic-hit 2020 that dragged sales and revenues to decline by double digits.

    Jollibee CEO Ernesto Tanmantiong said most of the planned 400 new stores will be outside of the Philippines, particularly in North America, Vietnam, and China.

    “We aim for very strong sales and profit recovery in 2021 versus 2020. In 2021 and the years ahead, JFC’s sales and profit growth will be driven by its international business. We believe that out of this pandemic, we will merge as a stronger business and organisation,” Tanmantiong said.

    System wide sales of Jollibee Foods Corporation (JFC), a measure of all sales to consumers, both from company-owned and franchised stores decreased by 31.9 per cent to P49.5 billion in the fourth quarter of 2020 while revenues decreased by 29.9 per cent to P36.7 billion versus a year ago primarily as a result of permanent store closures and lower sales per store due to the COVID-19 pandemic.

    JFC generated a net income of P2.0 billion in the fourth quarter of 2020, after incurring net losses in the past three quarters caused by the pandemic.




    Same store sales growth rates by region for the fourth quarter versus year ago were as follows: Philippines -35.2 per cent, China +0.2 per cent, North America excluding The Coffee Bean & Tea Leaf® (CBTL) – 3.5 per cent, EMEAA -8.6 per cent, SuperFoods Group primarily Highlands Coffee in Vietnam -5.4 per cent and CBTL global -21.8 per cent.

    These rates of decline represented improvement over those in the third quarter for most businesses, which were as follows: Philippines -45.6 per cent, China -7.7 per cent, North America excluding CBTL -6.6 per cent, EMEAA -11.8 per cent, SuperFoods Group -14.0 per cent, and CBTL -21.6 per cent.

    JFC continued to make progress on reopening stores that had been closed temporarily. As of December 31, 2020, 96 per cent of the group’s worldwide outlets were already operating: 100 per cent of stores in China and EMEAA, 98 per cent in the Philippines, 94 per cent in North America, 95 per cent for SuperFoods, and 90 per cent for CBTL. – BusinessNews.ph

  • Today’s PSE: High Activity in ICT and MONDE Amidst Varied Sector Performance

    In today’s session at the Philippine Stock Exchange (PSE), trading was marked by mixed performances, with International Container Terminal Services, Inc. (ICT) and Monde Nissin Corporation (MONDE) standing out as the most active stocks in terms of value, StockMarketNews.ph reported.

    ICT led the market with a 2.56% increase to PHP 280.00, backed by a trading volume of 1,826,840 shares worth PHP 507,893,168.00. Bank of the Philippine Islands (BPI) also saw gains, up 0.44% to PHP 115.00 with over 3 million shares traded.

    Conversely, GT Capital Holdings, Inc. (GTCAP) faced the largest decline, dropping 3.47% to PHP 695.00. Monde Nissin enjoyed a 2.08% rise to PHP 10.82, reflecting positive investor sentiment. Other notable stocks like Jollibee Foods Corporation (JFC), Ayala Corporation (AC), and Universal Robina Corporation (URC) contributed to the day’s trading dynamics.

    Overall, the PSE recorded a total trading volume of 41,471,710 shares, demonstrating active market participation amidst a landscape of varied sector results. – BusinessNews.ph

  • JFC Buys Out Partners in Fund Owning Tim Ho Wan

    JFC Buys Out Partners in Fund Owning Tim Ho Wan

    Jollibee Foods Corporation (JFC), one of Asia’s largest Asian food service companies disclosed today that it will buy the shares of the remaining partners in the fund that owns the Tim Ho Wan brand.

    Its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), which already owns an 85% participating interest in the fund shall pay SGD71.56 million to purchase the remaining 15% interests of other investors in Titan Dining LP (“Titan”), the private equity fund which ultimately owns the Tim Ho Wan brand and company-owned THW stores.

    JFC invested SGD45 million in Titan in May 2018 to own a 45% participating interest in Titan Dining which was the master franchisee of Tim Ho Wan in the Asia Pacific region.

    JFC stated at that time that by investing in the fund, it would have the opportunity to acquire a substantial ownership of Tim Ho Wan’s master franchise in the Asia Pacific region through a purchase mechanism provided for in the investment agreement.

    To prepare for this eventuality, JFC would open a franchise operation of Tim Ho Wan in Shanghai, People’s Republic of China (PRC).

    In October 2019, JFC disclosed that JWPL’s capital commitment to Titan increased from SGD45 million to SGD120 million, its participating interest increased to 60% and the fund size of Titan increased from SGD100 million to SGD200 million. Titan Dining also expanded its assets by acquiring at about this time the Tim Ho Wan brand and trademarks.

    In October 2020, JFC’s participating interest in the Titan fund increased further from 60% to 85% after JWPL purchased the 25% participating interest of another investor in the fund for a total consideration of SGD36.3 million.

    In September 2020, JFC through a joint venture with Titan Dining opened a Tim Ho Wan restaurant in Shanghai, the first THW outlet in Mainland China. The joint venture now has three THW outlets in Shanghai with the latest opened only in July, 2021. JFC plans to aggressively expand Tim Ho Wan in Mainland China with a target of reaching 100 restaurant outlets within the next four years.

    Tim Ho Wan operates a total of 53 outlets in Asia, mostly franchised stores with the largest concentration in Singapore (12), Taiwan (12), Philippines (7) and Hong Kong (6).

    JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world. Currently, JFC has five brands serving Chinese cuisine: Chowking, a Chinese fast casual concept with presence mostly in the Philippines (607 stores worldwide); Yonghe King, a Taiwanese food-inspired restaurant chain in China which is famous for its freshly prepared soya milk (364 stores); Hong Zhuang Yuan, a full-service restaurant chain in Beijing, PRC which serves congee and other hot dishes (35 stores); Panda Express in the Philippines (3 stores), America’s favorite Chinese kitchen that is best known for its wide variety of original recipes; and, Tim Ho Wan (3 stores) in China which offers delicious authentic Hong Kong dim sum at a great value for money.

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