MANILA, Philippines – Jollibee Foods Corp. (PSE:JFC) bagged 25 percent increase in net income for 2016. This comes as the company aggressively expands within and outside the country. The opening of a record number of stores by the company is expected to continue as they invest another P14 billion.
Jollibee Foods Corp. said in a statement that the listed company’s income attributable to parent rose by P1.21 billion, making their 2015 net income attributable to parent of P4.93 billion to P6.14 billion in 2016. The earnings per share of the company increased to P5.72.
The 12-month revenues of the company reached P113.99 billion, up by 13.1 percent from the previous period 12-month revenue of P100.78 billion. This is consequential as expansion continues offshore that resulted in a 14.1 percent system-wide sales increase from P130.72 billion to P149.14 billion or a P18.42 billion increase.
Jollibee Foods Corp. also made improvements on its margins from 4.9 percent during the previous period to 5.4 percent last year. The company said as well that the bottom line was affected much by expenses mainly as a result of an increase in network development organization, information technology upgrade, supply chain and logistics costs and acquisition of Smashburger.
During the quarter ending December 31, 2016, JFC posted a 63.7 percent year-on-year earnings surge that made their P1.07 billion earnings from the previous year to P1.75 billion last year. Revenues climbed 13.9 percent from P27.87 billion to 31.75 billion or a difference of P3.88 billion.
Foreign operations made 14.5 percent more on the last quarter of 2016, a record high for its quarterly sales growth last year. With this, the fast food giant has credited to its global store network the improvements of continued expansion.
Ernesto Tanmantiong, the President and Chief Executive Office of Jollibee Foods Corp., said that last year, the company opened the most number of stores in a single year in the history of the company. JFC’s expansion last year reached Winnipeg, Canada for the first time in December. He expressed his confidence that the growth will remain sustainable.
In 2016 alone, the company managed to open 340 stores, where 243 stores are located in the Philippines, seven stores in the United States, 60 stores in China, and 30 stores in the Middle East and Southeast Asia. The joint ventures being engaged by the company also opened three Pho 24 and 71 Highlands Coffee stores in Vietnam, three 12 Hotpot stores in China and 51 stores Smashburger that are located mostly in the US.
JFC shares closed at P206 per share, slightly dropping P1 or 0.48 percent on Tuesday, February 14, 2017.