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Manila Bulletin devider Business devider The Stock Market devider Jollibee to triple net income ahead of 2028 target

Jollibee to triple net income ahead of 2028 target

Published Dec 15, 2024 09:26 pm

Fastfood giant Jollibee Foods Corporation (JFC) is set to triple its net income ahead of its 2028 target, as it continues to be aggressive on its expansion plans globally.

At a news briefing during the launching of its 200th Jollibee store in Ho Chi Minh, Vietnam last week, JFC Chief Finance Officer (CFO) Richard Shin said that the company is slightly ahead of its target of tripling its net income after tax.

“We have publicly said, and we are slightly ahead of this plan, that we will triple our net income after tax in five years,” Shin said, adding that JFC is “tracking to that.”

JFC President and Chief Executive Officer Ernesto Tanmantiong added that this would be complemented by an aggressive expansion strategy globally, which would also support its ambitious goal of becoming one of the five largest quick-service restaurants in the world.

Just last week, Jollibee opened its 200th store in Ho Chi Minh, making Vietnam its second-largest market after the Philippines. For this year alone it launched a total of 40 stores across Vietnam.

“Jollibee Vietnam is the first largest market for Jollibee outside the Philippines, and we expect that to continue. We are very bullish with the Vietnam market. And we think that Vietnam can even be similar to Jollibee Philippines in the future as we continue to grow aggressively,” he noted.

Jollibee Vietnam Managing Director Lam Hong Nguyen also expected the company to  reach the 300-store mark “very soon.”

He added that he was expecting a double-digit growth in both net income and sales for the Vietnam chain this year.

After Vietnam, JFC is also setting its sights on Australia. However, the company said it remains to be on the lookout for the best partners to work with.

In the first nine months of the year, JFC reported a 15.3 percent growth in attributable net income to P2.81 billion in the first nine months of 2024, as third-quarter earnings rose 24.1 percent to P8.47 billion.

The Philippine business posted a healthy increase in systemwide sales, which rose by 8.5 percent, as well as same-store sales, up 6.4 percent.

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