Core profit rose 18.7 percent to P10.3 billion, driven by strong performances in its Philippine and international businesses.
While the company faced challenges in China and the better burger segment, expansion efforts and cost efficiencies helped sustain profitability.
Jollibee also plans to accelerate store openings and boost system-wide sales (SWS), signaling confidence in long-term growth.
Management’s view
“We also made significant progress in executing our strategy for our coffee and tea business. After completing the acquisition of Compose Coffee in August 2024, this segment has become even bigger with over 5,000 stores and ~78 percent of stores franchised,” said Jollibee Group CEO Ernesto Tanmantiong.
“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 [return on invested capital] to 20 percent. We head into 2025 with full confidence in our ability to further drive growth and deliver value to our shareholders,” he added.
2024 performance at a glance
• System-wide sales grew 13 percent to P390.3 billion, led by strong demand across core brands.
• Philippines SWS rose 10.1 percent, with Jollibee, Chowking, and Mang Inasal driving growth.
• International SWS increased 17.6 percent, with strong gains in Europe, the Middle East, and The Coffee Bean & Tea Leaf.
• Operating profit jumped 17.2 percent to P16.9 billion, with improved margins from cost controls.
• Store network expanded 41.8 percent to 9,766 locations, fueled by Compose Coffee’s rapid growth.
Outlook in 2025
Jollibee remains bullish on expansion, planning to open 700 to 800 new stores in 2025 across various markets. The company is targeting 8 to 12 percent SWS growth, supported by 4 to 6 percent same-store sales growth and a 4 to 8 percent increase in store count.
“As anticipated, our China business experienced strong headwinds, putting pressure on both the top line and bottom line. The performance of our better burger category was also below expectations. While same-store sales growth turned positive during the fourth quarter, we need to further grow average daily sales and continue to work on profitability for this category,” said Jollibee Group chief financial and risk officer Richard Shin.
Jollibee sets expansion budget
“Our other businesses performed well – in particular, the Philippine business and Jollibee International, which consistently delivered growth; Compose Coffee, which was accretive in all metrics; and our Coffee and Tea business (ex-Compose Coffee), which saw strong sales and operating profit growth in 2024,” he added.
Capital expenditures are projected at P18 to P21 billion, prioritizing store expansion, digital transformation, and supply chain improvements.
