Bilyonaryo - Business

Tan Caktiong-led Jollibee eyes record year amid global growth initiatives

June 12, 2023

Bilyonaryo.com

Global fast-food giant Jollibee Foods Corp., (JFC) led by the family of bilyonaryo Tony Tan Caktiong, is poised for a robust year in 2023, with significant growth projected for both its top and bottom lines.

According to JFC’s chief finance officer Richard Shin, the company anticipates double-digit expansion in both net income and revenue, positioning 2023 to potentially be a record-breaking year.

In the first quarter of 2023, JFC reported a 10.6 percent drop in earnings to P2.06 billion, largely due to a one-off gain. However, when excluding the impact of this one-off gain, JFC’s net income would have surged by 332 percent year-on-year, propelled by a 28.5 percent jump in revenues to P55.09 billion.

Emphasizing JFC’s commitment to international expansion, Shin highlighted key strategic markets such as China and the United States.

The company has allocated P19 billion this year to bolster its expansion efforts, with plans to open 550 to 600 new stores. International expansion will be the primary driver of store growth, while Shin acknowledged the ongoing opportunities for growth within the Philippines.

With a strong financial outlook and a targeted expansion strategy, JFC aims to further solidify its presence in the global fast-food market.

Related News Tags: Jollibee, Jollibee Foods Corp., Jollibee Foods Corp. (JFC), Richard Shin, Tony Tan Caktiong

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