Jollibee Group., one of Asia's largest food service companies, reported net income for 2024 rose 20.1 percent to P10.796 billion while registering record sales for three quarters, the company reported Tuesday.

The firm's Chief Financial and Risk Officer Richard Shin said that the Jollibee Group finished the full year at an "all time record high" for 2024 despite challenges in certain regions and categories.''

"We finished the quarter on a record high, all time record high ... so in 2024 we have three record highs", Shin said in an online briefing on Tuesday. He was referring to system wide sales from the second to the fourth quarter.

Jollibee Group Chief Executive Officer Ernesto Tanmantiong said in a statement that they "achieved P390.3 billion of system wide sales , a 13 percent year-over-year (YoY) growth", which led the brand's system wide sales to grow by 14 percent globally.

The 2024 system wide sales of their business in the Philippines grew by 10 percent "boosted by Jollibee, Chowking, and Mang Inasal". International system wide sales grew by 17.6 percent.

The Jollibee Group aims to open over 700 stores across brands and regions and expect to "deliver an eight to 12 percent growth in system wide sales in 2025, with four percent to six percent growth in same store sales and store network growth of four percent- eight percent. Operating profit growth will be in the range of 10 percent to 15 percent", Shin added.

"Our results for 2024 keep us on track to deliver our 2028 ambitions of tripling our Net Income Attributable to Equity Holders of the Parent Company and growing ROIC (Return on Invested Capital) to 20 percent. We head into 2025 with full confidence in our ability to further drive growth and deliver value to our shareholders", Tanmantiong added. Marie Manalili/DMS