Compose Coffee acquisition lifts Jollibee Food Corp’s third quarter earnings

Compose Coffee is the largest brand in JFC’s food and beverage portfolio | Photo credit: Jollibee Food Corp

Filipino good giant Jollibee Food Corp (JFC) has highlighted its $238m acquisition of South Korea’s Compose Coffee as key to lifting third quarter sales and profits. 
 

JFC achieved 10% group revenue growth in the three months ended 30 September 2024 to reach P67.7bn ($1.1bn). International sales increased 20.5% during the period following the addition of Compose Coffee’s 2,580 stores to its food and beverage portfolio in July 2024. 

Additionally, JFC’s third quarter EBITDA increased 12% year-on-year to P9.6bn ($164m) with net income rising 18% to P3bn ($50.8m). 

“During the third quarter, we successfully completed the acquisition of Compose Coffee and the results that we are reporting today include the impact of this value-accretive transaction,” said CEO Ernesto Tanmantiong. 

Compose Coffee is the largest brand in JFC’s food and beverage portfolio, which also includes The Coffee Bean & Tea Leaf (CBTL), Highlands Coffee and Milksha café chains. 

JFC opened 33 net new CBTL stores in the third quarter to reach 1,219 stores. It also opened 26 net new Highlands Coffee outlets and six Milksha sites during the period to reach 815 and 333 sites respectively.  

CBTL and Milksha achieved 11% and 3% like-for-like sales growth during the period respectively, while Highlands Coffee posted a 2.5% decline. 

Manila-based JFC’s now operates a total of 9,598 stores across 19 brands. Alongside its eponymous 1,700-store Jollibee fast-food business, JFC also licenses the Greenwich Pizza, Smash Burger, Chowking and Tim Ho Wan fast-food chains.