Jollibee Group full-year net profit surges 17.7%

The group reported double-digit growth in local and international system-wide sales.

Jollibee Foods Corporation reported that its net income attributable to equity holders of the parent company increased to $180m (P10.3b) for the full year 2024, a 17.7% increase compared to $150m (P8.76b) from the same period last year.

However, income attributable to equity holders of the parent company declined 4.8% in Q4 2024, mainly attributable to the Jollibee Group’s share in net losses of certain joint ventures.

Consolidated revenues grew by 10.5% for the quarter and 10.6% for the entire year. System-wide sales, a measure of all sales to consumers both from company-owned and franchised stores, grew by 15.9% in the fourth quarter (Q4) of 2024 compared to the same period in 2023 and by 13.0% for the entire year of 2024.

Full-year system-wide sales (SWS) of the Philippine business grew by 10.1%, boosted by its flagship brand Jollibee, Chinese fast-food brand Chowking, and grilled chicken brand Mang Inasal. Meanwhile, international SWS grew by 17.6%, led by EMEA PH brands (+27.0%), Coffee Bean & Tea Leaf (CBTL) (+16.0%), Highlands Coffee (+13.0%), and North America (+7.6%).

Newly acquired Compose Coffee contributed 7.9% to the international business’ SWS growth.

The same store sales growth (SSSG) of the Philippine business for 2024 was 7.5% from a volume growth of 7.2% and a 0.3% increase in the average check. The international business grew by 2.8%, with Europe/Middle East and other parts of Asia (EMEAA) increasing by 12.8%, The CBTL by 7.1%, Milksha by 5.4%, and North America by 3.2%.

The group, however, reported an 8.3% decline in SWS in its China business amidst a soft macro environment that continued to impact consumer spending. China and Highlands Coffee SSS also declined by 11.2% and 3.7%, respectively.

As of December 2024, the Jollibee Group has a total of 9,766 stores.