Despite the acquisition of major fast-food chains, Jollibee Foods Corp. (JFC) managed a slight growth in net income last year.
In a statement to the Philippine Stock Exchange on Thursday, Jollibee Foods noted that its net income totaled P3.253 billion, up 1.2 percent from P3.213 billion in 2010.
System wide retail sales expanded by 17 percent to P82.17 billon, while revenues increased by 17.9 percent to P62.9 billion.
"In the Philippines, the acquisition of Mang Inasal and Burger King contributed 92 percent of the 17.8-percent sales growth while the rest of the brands grew by 8.6 percent," according to JFC.
The company said it spent P6 billion in capital investments last year, of which P4 billion went to fixed assets — new stores and supply chain facilities — and P2 billion were invested in the acquisition of new businesses.
As of end-2011, the JFC group was operating 2,001 restaurants in the country and 468 abroad.
Apart from Jollibee, Mang Inasal and Burge King, the JFC brands include Chowking, Red Ribbon, and Greenwich. Its brands overseas are Yonghe King and Hong Zhuang Yuan. — CMA/VS