Jollibee posts record-breaking net income for 2024
It also plans to spend up to $370m to open 800 restaurants before the end of the year.
Jollibee Group set a new record in 2024, surpassing the ₱10b ($177.9m) mark for the first time with net income attributable to equity holders of the parent company reaching ₱10.3b ($183.2m), according to its latest bourse filing.
At the Annual Stockholders’ Meeting, Jollibee Group Global President and CEO Ernesto Tanmantiong reported that its system-wide sales (SWS) grew 13% year-over-year, driven by same-store sales growth of 7.5% in the Philippines and 2.8% internationally, underpinned by sustained customer demand and disciplined market execution.
For the first quarter of 2025, the group reported double-digit growth in Q1 2025, with revenue up 14.6% and System-wide Sales up 18.9%. Meanwhile, operating Income also went up by 17.6%. Both the Philippine and International businesses posted strong performances, growing by 11.9% and 29.5%, respectively
Tanmantiong said these milestones are bringing Jollibee Group closer to the goal of tripling its net income after tax and reaching a 20% return on invested \capital by 2028, and standing amongst the Top 5 restaurant companies in the world.
Jollibee reported that it opened 674 new restaurants in 2024, with 536 of them overseas, bringing the total restaurant network to over 9,700 outlets worldwide.
Franchisees operate 69% of these, reflecting the scalability and appeal of its business model.
The coffee and tea segment saw major growth with the acquisition of Compose Coffee in August 2024. The segment now spans 5,000+ stores globally, 78% franchised, and delivered
37% growth in SWS, with Compose Coffee contributing 22.6%.
Jollibee also plans to spend up to $370m to open up to 800 new restaurants, focusing on North America, Europe, the Middle East, Asia, and Australia. The group expects SWS to grow 8% to 12%, driven by an expected 4% to 6% same-store sales growth, and 4% to 8% expansion in restaurant footprint.
