The Philippine-based fast food chain Jollibee will open Jollibee outlets in Singapore.
Jollibee has teamed up with Singapore’s Beeworks for a joint venture with initial funding of US$1 million. Under the agreement, Jollibee will hold 60 per cent stake and Beeworks to own 40 per cent.
“GPPL will have full management control of the company while leveraging on Beework’s experience, reputation and network to establish the Jollibee brand in Singapore,” a Jollibee Foods Corporation statement said.
Jollibee sees a positive growth in hospitality and retail market in Singapore due to its reputation as a city state in southeast Asia with most affluent customer base with a gross domestic product of US$50,916.58.
As of March 2012, JFC has a total of 2004 outlets in the Philippines, of which 752 are Jollibee, 381 Chowking, 204 Greenwich, 207 Red Ribbon, 436 Mang Inasal and 24 Burger King. Outside the Philippines, it has 509 stores operating in China, Indonesia, Vietnam, Hong Kong, Kuwait, Qatar, Dubai, Jeddah, Brunei and the US.
For the first quarter of 2012, Jollibee achieved a consolidated net income of 672 million pesos (US$15.66 million), 8.1 per cent higher than 622 million pesos (US$14.49 million) during last year’s same period.
JFC’s foreign business grew by 20.5 per cent with China sales increased by 26.9 per cent, 22.6 per cent in Southeast Asia and the Middle East and 6.9 per cent in the US.