MANILA, Philippines – The profit of Jollibee Foods Corporation jumped by 17.1% to P8.3 billion in 2018, as the company opened 502 stores – the most it has opened in a single year.

In a regulatory filing on Thursday, February 14, Jollibee reported system wide retail sales growth of 23.5% or a total of P212.2 billion.

Excluding the impact of the consolidation of Smashburger into Jollibee in April 2018, system wide sales grew by 16.6% for the entire year.

Jollibee’s revenues stood at P158.7 billion, 20.6% higher compared to the figure in 2017.

The company’s release did not specify how much it spent for operations. It also did not elaborate on its investment activities.

Jollibee said it made P9.6 billion in capital investments, mostly for new stores and renovation of existing ones.

A total of 317 stores were opened in the Philippines in 2018, while 180 new ones were unveiled abroad. It expanded to Italy, Macau, the United Kingdom, and Malaysia last year. (IN PHOTOS: Why people braved long lines for Jollibee’s first UK store)

For 2019, Jollibee is planning to double its spending to P17.2 billion for new stores, renovation of existing stores, and investments in manufacturing plants.

Jollibee’s impressive growth indicated that it was able to weather controversies and challenges last year, including a social media campaign calling for a boycott due to alleged unfair labor practices as well as inflation rising to a 9-year high. (READ: Jollibee, Dole, PLDT among top companies ‘engaged’ in illegal contracting)

“The Philippine business performed strongly in 2018 despite [the] rising inflation rate and slowing [gross domestic product] growth,” Jollibee chief executive officer Ernesto Tanmantiong said. – Rappler.com