(Source: Business World | December 15, 2017)
Homegrown fastfood giant Jollibee Foods Corp. (JFC) continues to expand in Asia and the Middle East, adding three new stores as it moves forward with its plan to increase revenue contributions from international operations.
JFC on Thursday said it recently opened three new stores located in Brunei International Airport, Hong Kong, and the United Arab Emirates (UAE).
The Brunei branch is the company’s 15th in the country, opened in time for JFC’s 30th year anniversary there.
“When we started our first Jollibee Brunei branch back in 1987, we wanted to appeal not only to Filipinos, but to locals as well. Thirty years on, we are very happy to see the growth of Jollibee into a brand which is well-loved by the Bruneian community,” said JFC Chief Executive Officer Ernesto Tanmantiong was quoted as saying in a statement.
Jollibee also opened an outlet in Wan Chai district,located on the northern shore of Hong Kong Island. The company noted the area has a population of around 180,000, of which 15,000 are Filipinos.
“The (Wan Chai) store posted impressive sales on its first three days of operation, showing a good balance of Filipino and local customers,” Mr. Tanmantiong said.
The listed fastfood giant opened the doors of its ninth store in UAE, which is JFC’s largest store in the country to date.
The new store openings are in line with JFC’s goal to become the fifth largest restaurant company in the world. Currently, the company ranks as the 11th largest global restaurant operator aside from being the biggest in Asia.
JFC targets to end the year with a total of 4,000 stores across the globe. As of September, it had a total of 3,644. Of this, 2,756 are in the Philippines composed of 1,023 under the Jollibee brand, 510 under Chowking, 262 under Greenwich, 411 under Red Ribbon, 471 under Mang Inasal, and 79 under Burger King.
Oveseas, JFC has a footprint of 888 stores. It has an additional 355 outlets under the Smashburger brand, where JFC holds a 40% interest.
This international store expansion will potentially drive foreign sales to 50% of the company’s total sales. As of 2016, international sales accounted for only 20% of JFC’s business.
In the first nine months of 2017, the company saw its net income attributable to the parent increase by 16.3% to P5.11 billion, following a 15% jump in revenues to P94.51 billion.
Shares in JFC shed P3 or 1.21% to close at P244 apiece at the Philippine Stock Exchange on Thursday.
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