SUMMARY
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MANILA, Philippines – Homegrown food giant Jollibee Foods Corp. is set to conquer Singapore through a joint venture firm.
In a disclosure to the Philippine Stock Exchange on Wednesday, May 16, Jollibee said its subsidiary, Golden Plate Pre. Ltd (GPPL), has entered into a 60-40 agreement with Singaporean firm Beeworks, Inc, to operate fast food branches there.
Jollibee will control the joint venture firm, which will have initial funding of $1 billion.
“GPPL will have full management control of the company while leveraging on Beeworks’s experience, reputation and network to establish the ‘Jollibee’ brand in Singapore,” the listed firm disclosed.
This deal increases the global footprint of Jollibee and its other brands to 10 countries.
Currently, Jollibee operates 2,513 stores worldwide.
- Jollibee – 33 in USA, 32 in Vietnam, 11 in Brunei, 7 in Jeddah 7, and one each in Hong Kong, Qatar and Kuwait
- Red Ribbon – 33 in the US 33
- Chowking – 19 in US, 17 in Dubai, 2 in Indonesia, 2 in Qatar
- Chow Fun – 3 in US
- San Pin Wang – 35 in China
- Yonghe King – 267 in China
- Hong Zhuang Yuan – 52 in China , Jollibee 79
In the Philippines, the Jollibee group operates the largest restaurant network. It operates a total of 2,004 stores in the country as of March 2012. The breakdown:
- Jollibee brand, 752 stores
- Chowking, 381
- Greenwich, 204
- Red Ribbon, 207
- Mang Inasal, 436
- Burger King, 24
Financial performance
Strong local and foreign sales buoyed Jollibee group’s net income in the first quarter by 8.1% to P672 million.
Systemwide sales, a measure of all sales from both company-owned and franchised stores, rose 15% to P21.55 billion from P18.74 billion in the first quarter of 2011.
Its Philippine brands grew by 13.8% in the first quarter due to continued strong same store sales growth of all brands and from store network expansion
Its foreign business, on the other hand, reported a 20.5% growth in system wide sales with the China business growing by 26.9%, Southeast Asia and the Middle East business by 22.6% and the US business by 6.9%. – Rappler.com
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