Jollibee Foods Corporation (Jollibee Group), one of the largest Asian food service companies, reported that its profit for 2024 breached the P10 billion mark, as it looks forward to deliver an 8% to 12% growth in system wide sales (SWS) this year.
Jollibee Group Chief Executive Officer, Ernesto Tanmantiong said its 2024 performance followed system wide sales of P390.3 billion, which is 13 percent higher than 2023.
Tanmantiong said that Jollibee Philippine business grew by 11.4% driven by a 7.9% same store sales growth. Jollibee International delivered a 22% YoY growth, with strong same store sales growth across markets – Vietnam 16.8%, EMEA ex-Vietnam 11.6%, North America 8.1% and China (Hong Kong and Macau) 13.2%.
“These results demonstrate the strength of the Jollibee brand and how well positioned it is to win with global consumers,” said Tanmantiong.
After completing the acquisition of Compose Coffee in August 2024, Tanmantiong said this segment has become even bigger with over 5,000 stores and ~78% of stores franchised. It opened 361 stores during the year and grew SWS by 37.0%, with Compose Coffee contributing 22.6% to the growth.
“Our strong topline growth combined with our operating discipline translated to a 60 basis points (bps) expansion in gross profit margin, from 18.6% in 2023 to 19.2% in 2024. Our operating income margin likewise improved by 40 bps, from 5.9% in 2023 to 6.3% in 2024. Our results for 2024 keep us on track to deliver our 2028 ambitions of tripling our Net Income Attributable to Equity Holders of the Parent Company and growing ROIC to 20%. We head into 2025 with full confidence in our ability to further drive growth and deliver value to our shareholders,” said Tanmantiong.
For 2025, the company said it focuses on executing its long-term growth strategy and will continue to put emphasis on shareholder value creation. “We are committed to further improving our operational and financial capabilities, pursuing sustainable growth initiatives and expanding our market presence,” said Tanmantiong.
For 2025, the Jollibee Group plans to open 700-800 stores (gross) across brands and regions and spend between Php18 billion to PhP21 billion on consolidated capital expenditures.
The Jollibee Group expects to deliver an 8% to 12% growth in SWS in 2025, with 4% to 6% growth in same store sales and store network growth of 4%- 8%. Operating profit growth will be in the range of 10% to 15%.
At the end of December 2024, the Jollibee Group’s store network increased by 41.8% to 9,766 compared to a year ago: Philippines (3,382) and International (6,384) – 580 in China, 369 in North America, 388 in EMEA, 850 with Highlands Coffee mainly in Vietnam, 1,232 with CBTL, 336 with Milksha and 2,629 with Compose Coffee in South Korea.
Meanwhile, the Jollibee Group Board of Directors approved on March 7, 2025, the declaration of a regular cash dividend of Php10.60125 per share for Series B preferred shares, for a total payout of Php95.4 million. The regular cash dividend will be given to the Jollibee Group stockholders of record as of March 24, 2025 (ex-dividend date of March 21, 2025). Payment date is April 15, 2025.
