Jollibee Group Bounces Back With P5.9 Billion Net Income for 2021

It's been a good year for the ‘Bee.
IMAGE SHUTTERSTOCK

Jollibee Foods Corporation posted a net income attributable to equity holders of the parent of P3.2 billion for the last quarter of 2021, up nearly 60 percent versus 2020 and a slight 3.7 percent increase compared to the pre-pandemic year of 2019. That brings its net income for the whole of 2021 up to P5.94 billion, an impressive recovery compared to a net loss—its first ever—of P11.5 billion in 2020. 

It was a good year all around for JFC as system wide sales, or a measure of all sales to consumers, both from company-owned and franchised stores, increased by 25.2 percent for the fourth quarter and 20.3 percent for the full year 2021 compared to the same periods the previous year.

Revenues, meanwhile, grew 22.8 percent from P36.5 billion to P44.93 billion in the fourth quarter, and 20.3 percent from P175.97 billion to P211.72 billion for the full year 2021.

The JFC Group also reported that it opened 398 new stores in 2021: 85 in the Philippines, 108 in China, 38 in North America and 29 in EMEAA (Europe, Middle East, Asia and Africa). SuperFoods and Coffee Bean and Tea Leaf CBTL opened 72 and 66 stores, respectively. The group plans to open 500 new stores in 2022. 

Meanwhile, the company also permanently closed a total of 302 stores were permanently closed during the quarter: 86 in the Philippines and 216 abroad.

JFC said it would double spending for 2022, from P7.8 billion in 2021 to P17.8 billion. It said P9 billion will be allotted for new stores and P1 billion for renovations of existing stores. The balance will be reserved for supply chain and business technology investments, including plans for a new commissary facility in Cebu in order to support expansion plans in Visayas and Mindanao. 

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“JFC’s system wide sales in its international business in the fourth quarter had equaled the sales in the same period before the outbreak of the pandemic,” said JFC CEO Ernesto Tanmantiong. “System wide sales in the Philippines in the fourth quarter were still 22.6 percent lower than those in the same period in 2019. However, despite this, the Philippine business’ operating income in Q4 2021 had already equaled those in 2019’s.

“We look forward to continuing strong recovery of the business in 2022 particularly if the restrictions in the Philippines are fully lifted, coupled with increased consumer spending during this election year.

Tanmantiong also said that the company’s outlook for business growth is “even brighter.”

“We see very strong expansion in different parts of our business particularly those in North America, China, Southeast Asia and Europe, while we expect the Philippines to sustain its healthy profitable growth,” he added.

As of the end of December 2021, JFC has a total of 17 brands operating in 34 countries. The total store network reached 5,924 outlets, 3,220 of which are in the Philippines divided as follows: Jollibee with 1,520, CBTL with 1,048, Chowking with 604, Mang Inasal with 578, Red Ribbon 553, Highlands Coffee with 483, Yonghe King with 394, Greenwich with 269 and Smashburger with 245.

 

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Paul John Caña
Associate Editor, Esquire Philippines
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