McDonald's PHL posts 70% net profit growth in 2016, a record high

Golden Arches Development Corp. (GADC), the local franchiseholder of McDonald's, saw its bottom line expand by 70 percent last year, driven by higher revenue from same stores and new stores.

"Net profit was over a billion [pesos], around 1.2. I think we had a 70-percent growth," Kenneth S. Yang, GADC President and CEO, told reporters in a briefing in Taguig City.

It was a record for the company, he said. "We've been growing every year. For the last more than 10 years it's really double-digit," he said.

During the same briefing, GADC Chairman Dr. George T. Yang said the increase was a reflection of the improved performance of the company's core businesses.

"2016 was a good year. System-wide sales was about P38 billion. Our growth was about 14 percent in system-wide sales. There was growth in total number of sales as well as comparable sales (same store sales)," he said.

The company said it aims to generate up P41 billion of revenue this year.

"Definitely I think a lot of opportunities everywhere. In particular, we probably need to grow more in the Visayas and Mindanao," Kenneth Yang said.

"We're quite optimistic. The Philippines is growing quite fast," he added. — VS, GMA News