JFC 9-month income gets boost from Compose Coffee acquisition

Higher system-wide sales and contributions of recently acquired South Korean value coffee brand boosted earnings of Asian food conglomerate Jollibee Foods Corp. (JFC) by nearly a quarter in the nine months ending September.

-  Richmond Mercurio

JFC's net income attributable to equity holder of the parent company from January to September rose by 24 percent to P8.47 billion from last year's P6.82 billion.

Its system-wide sales grew by 12 percent to P281 billion from P251 billion in the same period in 2023.

For the third quarter alone, JFC reported a 15.3-percent jump in net income to P2.8 billion as system-wide sales for the three-month period increased by 13.2 percent to P98.5 billion.

JFC said the growth in the group's system-wide sales for the quarter was driven by a combination of higher same store sales growth, new stores sales and changes in foreign currency.

"During the third quarter, we successfully completed the acquisition of Compose Coffee and the results that we are reporting include the impact of this value-accretive transaction," Jollibee Group CEO Ernesto Tanmantiong said.