Jollibee eyes continued growth through International stores, coffee | ABS-CBN
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Jollibee eyes continued growth through International stores, coffee
Jollibee eyes continued growth through International stores, coffee
Arthur Fuentes,
ABS-CBN News
Published Nov 19, 2024 09:54 PM PHT
MANILA - Jollibee Food Corp's international operations, as well as its foray into coffee, have driven the company's strong income growth so far this year, and the food service giant is not slowing down, according to its Chief Financial Officer.
MANILA - Jollibee Food Corp's international operations, as well as its foray into coffee, have driven the company's strong income growth so far this year, and the food service giant is not slowing down, according to its Chief Financial Officer.
JFC recently disclosed that it booked system-wide sales of P281.1 billion in the first three quarters of the year, which was 12 percent higher than in the same period last year. Net income in the first nine months also hit P8.9 billion, up 22.9 percent from 2023.
JFC recently disclosed that it booked system-wide sales of P281.1 billion in the first three quarters of the year, which was 12 percent higher than in the same period last year. Net income in the first nine months also hit P8.9 billion, up 22.9 percent from 2023.
Jollibee CFO Richard Shin said the EBITDA from the company's international operations grew 25.5 percent in the first three quarters of 2024. This was despite issues with JFC's operations in China, as well as its brand Smashburger in the US.
Jollibee CFO Richard Shin said the EBITDA from the company's international operations grew 25.5 percent in the first three quarters of 2024. This was despite issues with JFC's operations in China, as well as its brand Smashburger in the US.
Shin also noted that JFC has transformed itself from a purely food company into a food and beverage company, as around 20 percent of its sales now come from s coffee and tea brands, such as CBTL, Compose Coffee and Highland Coffee.
Shin also noted that JFC has transformed itself from a purely food company into a food and beverage company, as around 20 percent of its sales now come from s coffee and tea brands, such as CBTL, Compose Coffee and Highland Coffee.
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He said he expects the share of beverages in JFC's sales to continue to grow in the coming years.
He said he expects the share of beverages in JFC's sales to continue to grow in the coming years.
"The impact as well as the growth of Compose and CB till I think will be such that in five years we can be close to 60-40 food-beverage [ratio] so I would be surprised if that contribution continues to grow," Shin said during a virtual roundtable with journalists.
"The impact as well as the growth of Compose and CB till I think will be such that in five years we can be close to 60-40 food-beverage [ratio] so I would be surprised if that contribution continues to grow," Shin said during a virtual roundtable with journalists.
Vietnam has become the company's second-largest market after the Philippines, especially for the company's flagship brand Jollibee.
Vietnam has become the company's second-largest market after the Philippines, especially for the company's flagship brand Jollibee.
"We have 1,700 stores globally, of which almost 1,300 is in the Philippines, and the balance of 400 is outside, with Vietnam being, again, the second-largest market after the Philippines," Shin said.
"We have 1,700 stores globally, of which almost 1,300 is in the Philippines, and the balance of 400 is outside, with Vietnam being, again, the second-largest market after the Philippines," Shin said.
Including the other brands under JFC, the group's store network increased by 42.8 percent to 9,598 compared to a year ago, the company earlier said in a disclosure to the stock exchange.
Including the other brands under JFC, the group's store network increased by 42.8 percent to 9,598 compared to a year ago, the company earlier said in a disclosure to the stock exchange.
"We continue to have a very strong Jollibee brand, and we're excited about expansion within the markets we're currently in--through more stores, but also in new markets that we're looking at to expand," Shin said.
"We continue to have a very strong Jollibee brand, and we're excited about expansion within the markets we're currently in--through more stores, but also in new markets that we're looking at to expand," Shin said.
Jollibee has been on aggressive international expansion, striking deals to buy or operate international brands like Smashburger and Tim Ho Wan.
Jollibee has been on aggressive international expansion, striking deals to buy or operate international brands like Smashburger and Tim Ho Wan.
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