Jollibee Foods Corporation (JFC) posted strong double-digit growth in 2024, with its coffee and tea brands playing a key role in driving revenue and profits.
The company’s revenue rose 10.6 per cent year-on-year (YoY) to US$4.7 billion, while EBITDA (earnings before interest, taxes, depreciation, amortisation) increased 17 per cent to $295 million.
JFC’s system-wide sales (SWS) climbed 13 per cent YoY to $6.8 billion, supported by a 14 per cent increase in the Jollibee brand.
The Philippine market saw an 11.4 per cent rise in SWS, with same-store sales growth (SSSG) of 7.9 per cent. Internationally, Jollibee recorded 22 per cent growth, led by Vietnam (16.8 per cent), EMEA excluding Vietnam (11.6 per cent), North America (8.1 per cent), and China (13.2 per cent).
“The sustained growth of our business reflects the global strength of the Jollibee brand,” said Jollibee Group CEO Ernesto Tanmantiong
“We also made significant progress in our coffee and tea segment, particularly with the acquisition of Compose Coffee, which expanded our store network to more than 5000 locations, 78 per cent of which are franchised.”
Meanwhile, JFC’s international SWS grew 17.6 per cent, primarily driven by its coffee and tea brands.
The Coffee Bean & Tea Leaf (CBTL) saw a 16 per cent increase in sales, Highlands Coffee grew by 13 per cent, and Compose Coffee – acquired in August last year – contributed 7.9 per cent to international growth. Meanwhile, EMEA-based Philippine brands grew by 27 per cent.
Despite overall strong results, CFO Richard Shin said the company faced challenges in its China business, declining 8.3 per cent due to economic headwinds affecting consumer spending.
“While same-store sales growth turned positive in the fourth quarter, we still need to strengthen daily sales and profitability in this segment,” he said.
“Our focus remains on long-term growth and creating value for shareholders.”
Looking ahead, JFC aims to accelerate its coffee and tea expansion, with plans to open 700 to 800 new stores this year.
