MANILA, Philippines – Music producer Benny Blanco had some scathing reviews of Jollibee on TikTok, with some netizens calling it quite disrespectful, but the company’s latest financial statement shows that the Filipino restaurant chain has more fans as sales posted an all-time high in 2023.

Jollibee’s revenues reached a new high of P244.1 billion in 2023, a 15.2% increase from a year ago despite high inflation. This translated to a new record operating profit of P14.4 billion, a 45% increase from the same period a year ago.

System-wide sales (SWS), a measure of all sales to consumers, surpassed the P300-billion mark, growing by 16.3% to P345.3 billion.

Jollibee opened 658 new stores in 2023, bringing the total to 6,885, which is above the company’s guidance of up to 600 stores.

With record sales amid inflation, Jollibee is further expanding its brand internationally, as well as its coffee and tea business led by Coffee Bean and Tea Leaf (CBTL). It is also slated to “exponentially grow” in China.

These plans mean more returns for shareholders, with Jollibee aiming to triple net income in five years. Net income attributable to shareholders increased by 16% to P8.8 billion in 2023.

“Our full year 2023 results reflect the strength of our execution and resiliency of our brands,” said Jollibee CEO Ernesto Tanmantiong.

For 2024, Jollibee projects SWS growth to be between 10% to 14%. Meanwhile, capital expenditures could reach as much as P23 billion.

Blanco may claim that Chickenjoy may be “soggy” and “not that good,” and he even spat out the sweet Filipino-style spaghetti. But Jollibee’s numbers clearly show that more people disagree with his review.

He and girlfriend Selena Gomez will also likely see more of the restaurant too, as Jollibee aims to open as many as 750 new stores in 2024. – Rappler.com