Jollibee Foods Corp. (JFC), the Philippines’ homegrown fast-food giant, is set to invest between P20 billion and P23 billion in capital expenditures for 2024, with plans to launch as many as 750 new stores globally—both owned and franchised.

According to a regulatory filing, JFC’s expansion plans come after a successful 2023, where it opened 658 stores, growing its total network by 6.3% to 6,885 locations by year-end.

JFC operates a diverse range of brands including Jollibee, Highlands Coffee (primarily in Vietnam), The Coffee Bean & Tea Leaf, Milksha, Chowking, and Mang Inasal. The company aims to boost its international presence, especially for the Jollibee brand, expand its coffee and tea business, and achieve significant growth in smaller cities across China, all while maintaining market leadership in the Philippines.

CEO Ernesto Tanmantiong emphasized JFC’s global franchising efforts as key to their expansion strategy. “With our strong brand portfolio and a talented global team, I’m confident we’ll reach our goal to triple net income over the next five years,” he said.

In 2023, JFC reported significant growth, with fourth-quarter net income surging by 5,621% to P1.761 billion. Full-year net income rose 22.4% to P8.985 billion, alongside a 15.2% increase in revenues to P244.107 billion. Systemwide sales reached P345.324 billion, a 16.3% increase.

For 2024, JFC projects systemwide sales growth of 10% to 14%, with same-store sales growth ranging from 5% to 7%, and an overall store network expansion of 7% to 8%. Operating profit is expected to grow by 10% to 15%.

Chief Financial Officer Richard Shin highlighted JFC’s focus on managing operational efficiency, effective cost control, and leveraging omni-channel strategies to drive continued growth. “We are confident in delivering revenue, profit growth, and margin improvements for 2024,” he said.