Jollibee Foods income reaches P8.47B

Jollibee and friends joined in the welcoming festivities during the opening of Jollibee Laoag Bacarra in June 2023.

Jollibee Foods Corp. (JFC), the homegrown fast-food giant led by tycoon Tony Tan Caktiong, saw its earnings surge by 24.1 percent in the first nine months of the year to P8.47 billion, driven by the domestic market and fresh contributions from its newest acquisition.

In a stock exchange filing on Tuesday, the maker of the popular Chickenjoy meals said revenues expanded by 10.6 percent to P196.25 billion in the January to September period.

System-wide sales likewise climbed by 12 percent to P281.11 billion.

Growth in the Philippine market and Compose Coffee, the South Korea-based beverage brand that JFC took over in the third quarter, offset the continued weak consumer spending in China.

According to JFC, Compose Coffee contributed 4.6 percent to the global system-wise sales growth, and 1.4 percent to overall revenue growth.

“During the third quarter, we successfully completed the acquisition of Compose Coffee and the results that we are reporting include the impact of this value-accretive transaction,” JFC CEO Ernesto Tanmantiong said in a statement.

Domestic same store sales growth was at 6.4 percent on higher returns from the flagship Jollibee brand, roasted chicken maker Mang Inasal, and Chinese restaurant Chowking.

The Europe, Middle East and Africa segment likewise grew by 10.5 percent, driven mainly by Jollibee Vietnam.

The United States and Canada grew by 19.5 percent and 19.7 percent, respectively.