Tycoon Tony Tan Caktiong’s Jollibee Earmarks $251 Million To Accelerate Expansion Plans As Earnings Recover

Tycoon Tony Tan Caktiong’s Jollibee Earmarks $251 Million To Accelerate Expansion Plans As Earnings Recover

Tony Tan Caktiong gestures as he speaks during the Hong Kong Asian Financial Forum (AFF) in Hong ... [+] Kong, China, on January 19, 2015. Jollibee Foods“”controlled by billionaire Tony Tan Caktiong“”will spend 12. 2 billion pesos ($251 million) this year, its biggest ever annual capital expenditure. The retaurant chain wants to accelerate the expansion of its stores both domestically and overseas amid a robust earnings recovery. Jollibee, which is the Philippines' largest fast food chain by revenue, returned to the black in the fourth quarter after posting losses in the first nine months of the year as the Covid-19 pandemic wreaked havoc on the global economy. The recovery continued this year, with Jollibee reporting a net profit of 153 million pesos in the first quarter. "In spite of a challenging market environment as a result of the global pandemic, the Jollibee group emerged stronger," Jollibee president and CEO, Ernesto Tanmantiong, said at the company's annual shareholders meeting on Friday. "The global crisis made more apparent the advantages of geographical diversification of our business," Tanmantiong said. "We continued to invest for long-term growth even amid the pandemic in countries that presented opportunities." Expecting the growth momentum to continue, Jollibee said