Jollibee’s MSCI ESG Rating Upgraded to BB

March 17, 2024 | by


Jollibee Foods Corporation (JBFCF) has recently held its Q4 2023 Earnings Call, where it reported remarkable achievements in sales and profitability. With a system-wide sales of PHP345.3 billion for the full year, representing a substantial growth of 16.3%, and a record high gross profit of PHP13.1 billion, up by 16.6% from the previous year, the company proves its resilience and market strength. Moreover, Jollibee’s MSCI ESG rating has been upgraded from CCC to BB, underlining its commitment to environmental, social, and governance practices. However, while the Jollibee, Chowking, and Mang Inasal brands performed exceptionally well in the Philippines market, challenges were faced by Red Ribbon and foreign franchise brands in the bakery segment and same-store sales growth. Overall, Jollibee’s achievements and improvements in the past year demonstrate its position as a dominant and fast-growing restaurant brand.

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Q4 2023 Earnings Call

Jollibee Foods Corporation (JBFCF) recently held its highly anticipated Q4 2023 Earnings Call, where the company reported impressive results and achievements across various aspects of its business. The call provided valuable insights into the financial performance, brand recognition, market presence, and challenges faced by the company in the fourth quarter and throughout the full year.

Record high system-wide sales

One of the standout achievements highlighted during the earnings call was the record high system-wide sales for both the fourth quarter and the full year. The company reported system-wide sales of PHP94.2 billion in the fourth quarter, which represented an outstanding 9.6% growth compared to the same quarter last year. This growth is a testament to Jollibee’s ability to consistently attract customers and generate revenue, even in a challenging economic environment.

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For the full year, Jollibee achieved sales of PHP345.3 billion, reflecting a remarkable 16.3% growth. This impressive performance demonstrates the company’s strong market position and its ability to capitalize on consumer demand for its products and services.

Gross Profit and Operating Income

Jollibee also achieved significant milestones in terms of its gross profit and operating income. The company reported a record high gross profit of PHP13.1 billion, marking a notable 16.6% increase from the previous year. This growth in gross profit is a result of Jollibee’s effective cost management, operational efficiencies, and successful sales strategies.

Furthermore, Jollibee experienced a substantial 33.2% increase in operating income, demonstrating its strong financial performance and effective business operations. These achievements reflect the company’s ability to not only generate revenue but also effectively manage its costs and improve its profitability.

Global Brand Recognition

The Jollibee brand’s performance on a global scale was another highlight of the earnings call. The company’s brand was recognized as the second fastest-growing restaurant brand globally, a prestigious acknowledgment that highlights Jollibee’s exceptional growth and popularity. Additionally, Jollibee was identified as the fifth strongest restaurant brand globally, a testament to its strong brand equity, customer loyalty, and global footprint.

This recognition underscores Jollibee’s success in capturing the hearts and taste buds of customers worldwide, as it continues to expand its presence in new markets and attract an ever-growing fan base. The company’s commitment to delivering high-quality food, innovative menu offerings, and memorable dining experiences has solidified its position as a leader in the global restaurant industry.

Upgraded MSCI ESG Rating

During the earnings call, Jollibee proudly announced the upgrading of its MSCI ESG rating from CCC to BB. This upgrade is a significant achievement for the company, as it reflects Jollibee’s continued commitment to environmental, social, and governance (ESG) practices. The improved rating demonstrates Jollibee’s efforts to enhance its sustainability initiatives, contribute positively to the communities it operates in, and uphold high standards of corporate governance.


Jollibee’s commitment to ESG practices aligns with its long-term vision of creating shared value for all stakeholders. The upgraded MSCI ESG rating not only highlights Jollibee’s responsible business practices but also enhances its reputation as a socially and environmentally conscious company.

Strong Performance in the Philippines Market

The earnings call also shed light on Jollibee’s strong performance in the Philippines market, with specific emphasis on its Jollibee, Chowking, and Mang Inasal brands. These brands exhibited robust growth, driving positive overall performance in the local market.

Jollibee, as the flagship brand, continued to be a favorite among Filipino consumers, offering a diverse and delicious menu that appeals to a wide range of tastes and preferences. Chowking, known for its Chinese-inspired cuisine, also experienced strong growth, capitalizing on the Philippines’ love for flavorful and affordable Chinese food. Additionally, Mang Inasal, with its unique grilled chicken offerings, further contributed to Jollibee’s success in the Philippines market.

Jollibee’s strong performance in its home market demonstrates its deep understanding of local preferences, its ability to adapt to changing consumer demands, and its commitment to delivering exceptional dining experiences to Filipino customers.

Challenges in the Bakery Segment

While Jollibee experienced significant success in many aspects of its business, the earnings call also addressed the challenges faced by the company’s Red Ribbon brand in the bakery segment. These challenges had an impact on Red Ribbon’s same-store sales growth, highlighting the need for strategic adjustments and focused efforts to address market dynamics and competitive pressures.

Jollibee remains committed to strengthening its position in the bakery segment, leveraging its expertise, resources, and extensive network to overcome these challenges and reinvigorate growth in this segment. The company’s unwavering dedication to continuously improving its operations and meeting consumer preferences ensures that Jollibee will navigate these challenges and capitalize on future growth opportunities.

In conclusion, Jollibee Foods Corporation’s Q4 2023 Earnings Call provided valuable insights into the company’s outstanding financial performance, brand recognition, market presence, and challenges faced. The impressive record high system-wide sales, gross profit, and operating income demonstrate Jollibee’s ability to consistently deliver strong financial results. The global acclaim received by the Jollibee brand showcases its growing popularity and strong brand equity worldwide. The upgraded MSCI ESG rating reflects Jollibee’s commitment to sustainability and responsible business practices. Lastly, while the Red Ribbon brand faced challenges in the bakery segment, Jollibee remains resilient and committed to addressing these obstacles as it continues to pave the way for future success.

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