Strong PH sales, Compose Coffee boost Jollibee 2024 earnings

Jollibee Foods Corp. grew its net profit in 2024 by 17.7 percent to P10.32 billion despite a weak China market. FILE PHOTO

MANILA, Philippines – Strong sales in the Philippines and its newest coffee acquisition lifted the earnings of Jollibee Foods Corp. in 2024  by 17.7 percent to P10.32 billion despite a weak China market.

The homegrown fast-food giant said in a stock exchange filing on Friday that its revenues also grew by 10.6 percent to P269.94 billion, buoyed by higher system-wide sales.

“We head into 2025 with full confidence in our ability to further drive growth and deliver value to our shareholders,” Jollibee Group CEO Ernesto Tanmantiong said in their disclosure.

READ: Jollibee buys Compose Coffee chain for $340M

System-wide sales climbed by 13 percent to P390.28 billion, boosted by growth in both the domestic and international markets.

The Philippine business grew sales by 10.1 percent, driven by Jollibee, Chowking and Mang Inasal.

Meanwhile, international sales expanded by 17.6 percent, led by EMEA (Europe, Middle East and Africa) and North America, as well as beverage brands Coffee Bean and Tea Leaf and Highlands Coffee.

South Korea-based Compose Coffee likewise contributed 7.9 percent to the international system-wide sales growth, Jollibee said.

Jollibee, known for its iconic Chickenjoy meals, aims to triple its profits to over P26 billion by 2028 by further growing its specialty beverage business.