Jollibee Group reports net income increase of 15.3% in Q3 2024
The group attributed the growth this quarter to its acquisition of Compose Coffee.
Philippines’ Jollibee Group has reported a net income attributable to equity holders of the parent company of $48m (₱2.8b) for the third quarter of 2024 (Q3 2024), a 15.3% increase from last year.
“During the third quarter, we successfully completed the acquisition of Compose Coffee,” said Ernesto Tanmantiong, CEO of Jollibee Group.
“Compose Coffee contributed 11.5% to the growth of the international business’ system-wide sales (SWS) and added 2,580 stores to the global store network as the end of the quarter,” he added.
Based on its unaudited consolidated financial statement for Q3 2024, operating income for the quarter increased by 11.6%.
The increase was attributed to the Philippine business with 8.5% year-on-year (YoY) growth and the consolidation of Compose Coffee, which delivered close to $8.50m (₱500m) in income from 16 August to 30 September 2024.
Moreover, the group’s system-wide sales increased by 13.2% to $1.67b (₱98.5b) in Q3 2024, by a combination of same-store sales growth (SSSG) (+5.7%), new store sales (+1.8%), and changes in foreign currency (1.2%).
Their revenue also increased by 10.1% to $1.15m (₱67.7b), due to Compose Coffee adding 1.4% to the growth.
