MANILA - Jollibee Foods Corp said on Thursday it plans to open up to P600 stores this year as its net income grew 33.4 percent to P7.34 billion in 2022.
Meanwhile, the net income attributable to equity holders reached P7.56 billion, up 26.4 percent compared to 2021, JFC said in a disclosure to the stock exchange.
The country's largest restaurant operator eyes opening 550 to 600 owned and franchised stores this year with a capital expenditure set between P17 to P19 billion.
In 2022, operating profit hit P9.9 billion in 2022, 58.4 percent higher compared to 2021.
Systemwide sales and revenue for the entire year grew by 40.2 percent and 38 percent, respectively, it said.
"Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC group is resilient and well-positioned to drive near-term growth," JFC CEO Ernesto Tanmantiong said.
"We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders," he added.
JFC said it opened 542 stores exceeding its 2022 target in terms of store network expansion. This is also the highest number of stores opened in a single year in JFC history,
At the end of 2022, JFC said it operated 6,480 stores worldwide.
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