MANILA, Philippines - Jollibee Foods Corp. said its profit surged 25% to P4.6 billion in 2013, as its sales to consumers breached the P100-billion level for the first time.
The Philippine fast food giant said its net income attributable to equity holders of the parent company reached P1.26 billion in the fourth quarter alone, when it opened 98 new stores.
JFC chief operating officer and incoming CEO Ernesto Tanmantiong said the opening of 98 stores in the fourth quarter of 2013 was the highest ever in the company's 35 year history.
"The company increased its sales by 12.8%, the highest organic sales growth in six years, enabling JFC to breach the P100 billion sales mark for the first time. We grew profit by 24.5%, the fastest growth rate in seven years," he said in a statement.
System-wide retail sales, a measure of all sales to consumers from both company-owned and franchised stores, jumped 13% to P104.1 billion in 2013.
In the fourth quarter, system-wide sales in the Philippines jumped by 12%, China by 19%, United Staets by 17%, Southeast Asia and Middle East by 35%. JFC said total foreign business increased sales by 21%, although foreign exchange changes accounted for only 1% of total sales growth.
Jollibee opened 235 new stores in 2013. It spent P4.1 billion in capital expenditures last year.
This year, JFC said it is alloting P6.3 billion in capital expenditures for new store openings and store renovations in the Philippines and abroad.
As of end-December 2013, JFC Group had a total of 2,764 stores around the world. In the Philippines, it has 2,181 restaurant outlets, comprised of 811 Jollibee stores, 400 Chowking, 199 Greenwich, 278 Red Ribbon, 459 Mang Inasal and 34 Burger King.
Overseas, JFC has 583 stores, including Yonghe King (314), Hong Zhuang Yuan (43) and San Pin Wang (45) in China; Jollibee (101), Red Ribbon (31), Chowking (46) and Chow Fun (3).