MANILA, Philippines - Jollibee Foods Corp. (JFC), the country's largest restaurant operator, reported flat net income of P3.21 billion in 2011, nearly at par with its 2010 income of P3.19 billion.
Jollibee posted strong fourth quarter results with P1.15 billion in net income, a 10% increase year-on-year. "This helped offset the negative profit growth rate in the first half of the year and brought 2011 profit at par with the previous year," the company said, in a statement.
Based on its unaudited financial statements for full year 2011, Jollibee saw an 17% growth in system-wide sales to P82.17 billion, from P70.25 billion in 2010. This was attributed to higher sales in the Philippines, China, Southeast Asia and Middle East in the fourth quarter.
In the Philippines, Jollibee's acquisition of Mang Inasal and Burger King greatly contributed to the fourth quarter sales growth. Sales per store across its various brands grew strongly versus a year ago, driven by higher transaction count.
In 2010, Jollibee acquired 70% of Mang Inasal Philippines Inc, the owner and operator of Mang Inasal, a chain of 303 restaurants all over the country serving grilled chicken and other Filipino food.
Last year, the company bought a majority stake in rival fast food chain Burger King.
Jollibee said it made P6 billion in capital investments, in mostly new stories, supply chain facilities and acquisition of new businesses in 2011.
In 2011, Jollibee opened 260 new stores, of which 167 were in the Philippines led by Mang Inasal (86) and Jollibee (40). This brought the company's total number of stores to 2,001 as of end December 2011.
Overseas, Jollibee opened 93 stores, led by Yonghe King in China (70) and Jollibee Vietnam (11).
Last year, Jollibee acquired Chowking stores in the US from their licensee, Burger King business in the Philippines and SuperFoods business in Vietnam and other Southeast Asian countries.
Aside from its flagship brand Jollibee, the group's other brands are Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, Yonghe King (China) and Hong Zhuang Yuan (China).