MANILA - Jollibee Foods Corp. said Tuesday net income grew 24.6 percent in 2016, as it opened the most number of new stores in company history.

The country's largest fastfood operator said net income attributable to shareholders reached P6.14 billion last year, from P4.9 billion in 2015.

The company said it opened a record 340 new stores last year, 97 of which were located overseas.

"This was made possible by improving the return on investments on our stores and by increasing our organization capability to build and open more stores, in better locations and with better quality than ever before on a worldwide basis," chief executive Ernesto Tanmantiong told the stock exchange.

The company said it would spend P14 billion in capital expenditures in 2017, mainly for new store expansion and renovation, and commissary investments.

Jollibee Foods shares were down 0.39 percent to P206.20 on Tuesday.