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RESEARCH | Staff Reporter, Singapore
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Jollibee grows profits by 24.6% in 2016

The Philippine chain earned an estimated USD121 million.

The P6.14 billion (around USD121 million) in profits was backed by double-digit growth in system-wide sales, which grew 14.1% to P149.14 billion or an estimated USD 2.9 billion.

Jollibee's fourth quarter showed its attributable net profit increase by 63.7 percent year-on-year.

“In 2016, we opened the most number of new stores in JFC’s history. This was made possible by improving the return on investments on our stores and by increasing our organization’s capability to build and open more stores in better locations and with better quality than ever before — on a worldwide basis,” said Jollibee chief executive officer Ernesto Tanmantiong.

“We also renovated 200 existing stores in the Philippines and 150 stores abroad,” he said.

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