Jollibee Foods plans to become the largest food chain in Asi

Jollibee Foods, a fast food restaurant chain in Philippines, is on track to become the largest food…

Jollibee Foods, a fast food restaurant chain in Philippines, is on track to become the largest food chain in Asia, overtaking the sales of Japanese brand Yoshinoya.

Jollibee Foods chief finance officer Ysmael Baysa opined that the company is likely to outgrow Japanese brand Yoshinoya as the biggest in Asia, reports ABC.CBNnews.com

While the current sales of Yoshinoya stand at $2.5bn, Jollibee Foods is also reporting average sales of $2bn annually, through its network of stores in the domestic and international markets.

Baysa said that on an average the company is growing at 12% -13% a year.

For the first nine months of 2013, the company reported net profit of PHP3.14bn ($71.9m), up 25% compared to PHP2.51bn ($57.4m) in 2012.

Consolidated revenues increased 12.3% to PHP57.83bn ($1.32bn), compared to PHP51.5bn ($1.18m) in 2012.

During the period, the chain opened a total of 137 stores under brands such as Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, Yonghe King and San Pin Wang.