Jollibee Foods Corporation (JFC) announced that its Board of Directors approved the declaration of a regular cash dividend of P2.04 billion or P1.82 per share of common stock on Nov. 11, 2024.
In a disclosure to the Philippine Stock Exchange (PSE), the firm stated that the dividend will be paid on Dec. 10, 2024, to all shareholders of record as of Nov. 25, 2024 (ex-dividend date of Nov. 22, 2024). This dividend is 48 percent higher than the P1.23 per share declared on Nov.10, 2023.
This brings the Jollibee Group’s total regular cash dividends to P2.97 per share for the year 2024, amounting to P3.33 billion, representing an increase of 29.1 percent over the total P2.30 per share dividends given last year.
The Jollibee Group has a cash dividend policy of declaring one-third of the Jollibee Group’s net income for the year as cash dividends payable to all common stockholders.
It uses the best estimate of its net income as a basis for declaring cash dividends. The Jollibee Group has been consistently declaring and paying cash dividends since 1994.
Jollibee reported that its net income grew 28.9 percent to P5.66 billion in the first semester of 2024 from the P4.39 billion earned in the same period last year.
Systemwide sales (SWS) improved 11.3 percent to P182.63 billion from P164.13 billion while revenues increased 10.9 percent to P128.52 billion from P115.88 billion.
Jollibee Group President and CEO Ernesto Tanmantiong said, “the Jollibee Group’s momentum this year continues with excellent second-quarter performance. Our revenue grew by 10.6 percent led by the Philippine business, which increased by 11.1 percent and International business which grew by 9.7 percent.”
For last year, JFC reported a 16 percent improvement in attributable net income to P8.77 billion last year from the P7.56 billion earned in 2022 while net income rose 22.4 percent to P8.99 billion in 2023 from P7.34 billion in the previous year.
“Our full year 2023 results reflect the strength of our execution and resiliency of our brands. We achieved an all-time high revenue of P244.1 billion, a 15.2 percent increase year-over-year, which translated to a new record operating profit of P14.4 billion, up by 45.0 percent compared to full year 2022," said Tanmantiong.
“Year on year, we improved gross profit and operating profit margins each by 120 basis points (bps), reinforced by our cost efficiency initiatives and our ability to control non-inventory-related costs,” he added.
Tanmantiong also said that “we closed the year with a new system-wide sales (SWS) record, surpassing the P300 billion mark. Overall system-wide sales for 2023 grew by 16.3 percent to P345.3 billion, driven by a 10.6 percent growth in same-store sales (SSS) and 5.4 percent from new stores.”