JFC posts 26.4% net income growth in 2022
The Philippine-based food chain also recorded a sales growth of 40.2%.
Jollibee Foods Corporation (JFC) reported its net income attributable to equity holders grew by 26.4% year-on-year to P60b, approximately US$109.1m, in 2022.
The food chain’s revenues stood at P211.9b, or US$3.85b, reflecting a 38%YoY growth over the same period.
“The JFC Group delivered another year of strong growth in challenging macroeconomic conditions,” JFC CEO, Ernesto Tanmantiong, said.
“System-wide sales (SWS) and revenue for the entire year grew by 40.2% and 38.0%, respectively, both at the high end of our 35% to 40% guidance range for the year.”
Read more: JFC net income skyrockets to $43.9m in Q1 2022
Tanmantiong noted JFC’s 2022 sales growth was driven by 27% same-store sales growth (SSS), 6.1% from new stores, the impact of the Milksha acquisition, and 5.2% contributed by foreign currency translation gain.
Dine-in sales also improved significantly as health restrictions are eased.
“The JFC Group demonstrated strong operating leverage in 2022 with store and manufacturing costs and operating expenses declining by 2.6% and 0.2% of revenues, respectively. Despite industry-wide headwinds, margins for the 4th quarter remained resilient due to pricing actions and cost management initiatives,” Richard Shin, JFC Chief Financial Officer, said.
“The JFC Group also stepped-up investments in brand building as well as organization capabilities, particularly for our international business which will help drive profitable growth over time.”