MANILA, Philippines. – Homegrown restaurant company Jollibee Group was among the 38 Philippine companies included in the inaugural Fortune Southeast Asia 500. Fortune, a global multi-platform media company known for their Fortune 500 list, ranked the largest companies in the region by their total revenues for the 2023 fiscal year. The Jollibee Group was ranked 86th in the overall list, with a revenue of USD4,391.1 million and a profit of USD157.7 million. It was also the 9th highest ranked Philippine-based company.
In 2023, Jollibee Group recorded a 15.2% year-on-year growth, reaching an all-time high total revenue of Php244.1 billion. The Company also generated a new record operating profit of Php14.4 billion, which was a 45% increase compared to full year 2022.
“Behind our business performance is our passionate commitment to providing truly delicious food coupled with exceptionally caring and warm customer service. Our recent inclusion in Fortune’s inaugural list of Southeast Asia 500 Companies reflects this deep commitment and inspires us to keep dreaming big and exceeding people’s expectations as a restaurant company,” said Ernesto Tanmantiong, Jollibee Group President and Chief Executive Officer.
“We dedicate this recognition to our teams and partners all over the world who share our passion and dedication to our mission of serving great-tasting food, bringing the joy of eating to everyone,” Tanmantiong added.
The Jollibee Group has a diverse portfolio of 18 brands with over 6,800 stores across 33 countries. Its brands include Jollibee, its flagship brand for chicken category; The Coffee Bean & Tea Leaf for coffee and tea; Tim Ho Wan for Chinese cuisine; and Smashburger for better burgers.
The Jollibee Group has set aggressive growth plans this 2024 and beyond, which includes expanding the Jollibee brand internationally, growing its coffee and tea business, exponentially growing its presence in China, and sustaining its robust growth and market leadership in the Philippines.
Inaugural Southeast Asia List
Companies included in the inaugural Southeast Asia 500 join an elite group of firms recognized under the Fortune 500 franchise, which spans the original Fortune 500, the Fortune Global 500, the Fortune Europe 500, and the Fortune China 500.
“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region—one whose core economies are growing notably faster than those of Europe or the U.S. Southeast Asia takes on far greater significance in the global economy due to shifting supply chains and the rapid development of the region’s economies,” said Clay Chandler, Executive Editor, Asia.
About Jollibee Group
Jollibee Foods Corporation (JFC, also known as Jollibee Group) is one of the fastest-growing restaurant companies in the world. Its mission is to serve great-tasting food and bring the joy of eating to everyone through its 18 brands with over 6,900 stores across 33 countries.
The Jollibee Group has eight wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger); four franchised brands (Burger King, Panda Express, and Yoshinoya in the Philippines, and Tim Ho Wan in certain territories in China); 80% ownership of The Coffee Bean and Tea Leaf; 60% ownership in the SuperFoods Group that owns Highlands Coffee; and 51% ownership of Milksha, a popular Taiwanese bubble tea brand. JFC also has a business venture with award-winning Chef Rick Bayless for Tortazo, a Mexican fast-casual restaurant business in the United States.
The Jollibee Group, through its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) owns 92% participating interest in Titan Dining LP, a private equity fund that owns the Tim Ho Wan brand. The Jollibee Group has a joint venture with the THW Group to open and operate THW restaurants in Mainland China. The Company also established a joint venture company that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Recently, the Jollibee Group signed agreements to own 10% ownership in Botrista, a leader in the beverage technology space. The Company also owns a 90% participating interest in Titan Dining Partners II Ltd to further grow Asia Pacific food service brands and/or bring strong global food service brands to Asia Pacific.
The Jollibee Group has launched its global sustainability agenda dubbed Joy for Tomorrow, which aims to strengthen the Company’s commitment to sustainable business practices. The agenda centers on the key pillars of Food, People, and Planet, and consists of 10 focus areas namely: food safety, food quality, nutrition & transparency, employee welfare, farmers livelihood, community support, good governance, packaging & recycling, waste reduction, and energy & water efficiency. Each focus area sets goals and initiatives that contribute and align with the United Nations Sustainable Development Goals (UN SDGs).
The Jollibee Group was named the Philippines’ Most Admired Company by the Asian Wall Street Journal for ten years. It was also honored as one of Asia’s Fab 50 Companies and among the World’s Best Employers and World’s Top Female-Friendly Companies by Forbes. The Company is also a three-time recipient of Gallup’s Exceptional Workplace Award and was recently cited in TIME’s List of the World’s Best Companies and Fortune’s Southeast Asia 500 List.
To learn more about Jollibee Group, visit www.jollibeegroup.com
