Jollibee Foods (JFC) Q3 2024 earnings summary

Executive summary

• System-wide sales for Q3 2024 rose 13.2% year-over-year, driven by international business growth of 20.5% and the Compose Coffee acquisition.

• Jollibee brand posted 12.6% global SWS growth, with strong performance across all regions.

• Philippine business SWS increased 8.5% and SSS by 6.4%, despite high prior-year comparables.

Financial highlights

• Revenues for Q3 2024 grew 10.1% year-over-year to ₱67.7B; 9M 2024 revenues up 10.6%.

• Operating income increased 11.6% to ₱4.8B; EBITDA up 12.1% to ₱9.6B for the quarter.

• Net income rose 18.0% to ₱3.0B; net income attributable to equity holders up 15.3%.

• Basic EPS for Q3 2024 increased 15.9% year-over-year; 9M EPS up 25.2%.

Outlook and guidance

• Board approved a cash dividend of ₱1.82 per share, bringing 2024 total to ₱2.97, up 29.1% from 2023.

• Management expresses confidence in delivering on 2024 financial outlook.