Jollibee eyes revenue growth on back of 'aggressive' China expansion

ABS-CBN News

Posted at Nov 26 2021 11:05 AM

Hong Zhuang Yuan opened its first ever in-mall store on September 9, 2021. With the restaurant’s new location in Xiyue Sky Street, customers lined up on its opening day to get a taste of Hong Zhuang Yuan’s affordable signature dishes. Handout
Hong Zhuang Yuan opened its first ever in-mall store on September 9, 2021. With the restaurant’s new location in Xiyue Sky Street, customers lined up on its opening day to get a taste of Hong Zhuang Yuan’s affordable signature dishes. Handout

MANILA— Jollibee Foods Corp on Friday said the continued expansion of its brands Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan in mainland China will boost its revenues. 

Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan opened 80 stores in China with 33 more set to open by December, JFC said in a disclosure to the stock exchange.

“The expansion efforts of these brands will play a huge and important role in generating revenue and strengthening the Jollibee Group’s growth, especially since China is one of the company’s four-pillar markets,” said Jollibee Group President and CEO Ernesto Tanmantiong.

Tim Ho Wan now has 6 stores across Shanghai. The Jollibee Group earlier said it bought the remaining shares in the fund that owns Tim Ho Wan.

JFC said it was planning to "aggressively grow" Tim Ho Wan in China with a target of 100 outlets within 5 years.

Yonghe King, meanwhile, opened 62 new stores in 2021, the group said. The target is to bring its current 383 store count in China to 1,000 within 5 years.

Hong Zhuang Yuan, meanwhile, now has 44 stores in the Chinese capital which is expected to grow by 60 by the end of the year, JFC said.

The homegrown Jollibee Group allocated a record P12.2 billion for its capital expenditures for the year, "with a focus on expansion in Asian countries such as China."

JFC aims to be among the top 5 restaurant companies in the world. 

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