Riding on strong growth prospects amid challenging macroeconomic conditions, homegrown food service company Jollibee Foods Corporation has set out a massive expansion plan.

In a report to the stock exchange on Thursday, the JFC said the group aims to open around 550 to 600 owned and franchised stores this year.

To bankroll its network buildup, JFC will allot approximately P17 billion to P19 billion in capital expenditures this year.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth,” JFC CEO Ernesto Tanmantiong said in the report.

“We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” he added.

Highest number of stores

Last year alone, the company opened 542 stores — the highest number of stores opened in a single year in the company’s history.

The JFC group ended 2022 with 6,480 stores worldwide — 3,285 of which are in the Philippines while the other 3,195 were located abroad.

Based on its latest financial data, JFC generated a net income of P7.34 billion in 2022, up 33.4 percent year-on-year. It also booked a consolidated revenue of P211.9 billion during the year, which represented a 38 percent annual growth.

Likewise, the JFC Group generated an operating profit of P9.9 billion last year — 58.4 percent higher compared to 2021 and 6.5 percent better than our 2018 pre-pandemic figure.

Tanmantiong noted that the double-digit profit growth was partly driven by increased mobility due to the easing of restrictions in markets where the company operates, which helped push up dine-in sales.

“Off-premise channels, particularly delivery, showed continued resilience and we expect sustained robust growth as we further improve our digital touchpoints,” he said.