Jollibee rebounds to P6.3b after 2020 loss 

Its 2021 operating income is nearly at the same level as 2019.

Jollibee Group reported it has rebounded from a loss in 2020 after recording a P6.3b operating income, which is almost equal to the P6.5b seen in 2019. 

“This was our defining achievement for 2021–to have generated an operating income at par with pre-pandemic levels even as system-wide sales were behind by 13.2%,” Jollibee Group CEO Ernesto Tanmantiong said. 

“We achieved this through continued strong cost and profit management, as well as initiatives that adapted to changing consumer habits such as strengthening our off-premise capability, increasing our presence in major digital platforms, and introducing exciting new products.”

READ MORE: JFC net income skyrockets to $43.9m in Q1 2022

In 2021, the Group expanded its store network opening 399 stores with a total capital expenditure of P7.9b  for both new stores and renovation. 

Of the 399 stores that opened in 2021, 314 were located abroad despite the surge of Omicron.

READ MORE: JFC sets $347.4m capital expenditure for 2022

Moreover, the Group also increased its commitment to Tim Ho Wan Brand’s private equity fund owning Titan Dining LP to S$225m. 

This is on top of its move to acquire Yoshinoya, which is the first Japanese-cuisine restaurant chain under its portfolio. 

It also acquired a majority stake in Milkshop International Co. Ltd., owner of its Milksha which has over 250 outlets across the globe.