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Tag: corporation

  • Global Expansion Fuels Record-Breaking Q4 Earnings for Jollibee Foods Corporation

    Global Expansion Fuels Record-Breaking Q4 Earnings for Jollibee Foods Corporation

    Jollibee Foods Corporation achieved record earnings in Q4, driven largely by an increase in demand and enhanced operational efficiency, according to CEO Ernesto Tanmantiong.

    Stellar Performance

    Tanmantiong expressed pride in the company’s performance over the past year. The final quarter saw a record-breaking operating income, which saw a 41.9% increase from the previous year. This surge was attributed to a combination of robust sales momentum and improved operational leverage.

    The corporation’s net income for the quarter rose by 20.1% to $37.8 million (PHP2.2 billion), making for a 5.4% total increase to $189 million for the entire year. Furthermore, the Q4 operating income experienced a 41.9% increase, reaching a remarkable $70.6 million – a record for this period.

    Sustained Demand and Growth

    The company’s system-wide sales grew by 16.6% over the year, bolstered by sustained demand in both its local Philippine markets and international markets. Consolidated revenue for the fourth quarter was up by 9.8%, leading to a 13% total increase for the year.

    The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) saw a rise of 18.7% to $169 million in the final quarter, and overall, a 13.8% increase to $727.4 million for the year.

    International Operations and Expansion

    International operations remained a potent catalyst for growth, contributing to a 27% system-wide sales increase. The coffee and tea segment of the business also exhibited strong sales momentum, with a 44.9% increase in system-wide sales.

    Tanmantiong spoke about the company’s future, emphasizing execution and expansion as cornerstones of their strategy. He stated, “Our priorities remain clear: profitable growth, operational excellence, and consistent value creation for our shareholders and other stakeholders.”

    Over the past year, Jollibee Foods Corporation opened 1126 stores worldwide, setting a new annual record. The corporation has planned to expand its network by an additional 1200 to 1300 stores in the coming year.

    Questions & Answers

    What factors contributed to Jollibee Foods Corporation’s record Q4 earnings?

    Sustained demand and enhanced operational efficiency were key contributors.

    What future plans does the company have?

    Its CEO, Ernesto Tanmantiong, stated that the company will maintain its focus on profitable growth, operational excellence, and value creation for shareholders and stakeholders.

    What expansion is expected for Jollibee Foods Corporation in the coming year?

    The corporation plans to expand its network by an additional 1200 to 1300 stores worldwide.

  • Revolutionizing Thailand’s Digital Landscape: True Corporation Achieves One Network Integration, Enhancing Nationwide Connectivity

    Revolutionizing Thailand’s Digital Landscape: True Corporation Achieves One Network Integration, Enhancing Nationwide Connectivity

    In 2025, True Corporation celebrated a significant achievement with the successful completion of the One Network project. This accomplishment brought about complete network integration between True and dtac, strengthening Thailand’s telecommunications infrastructure considerably. The project resulted in a robust digital network with broad coverage across the nation, enhanced performance, and a significantly improved mobile experience for customers of both brands.

    Blending Strategy and Technology

    True Corporation’s CEO, Mr. Sigve Brekke, emphasized the project’s success lay not merely in merging towers or upgrading equipment. The One Network project represented a full-scale modernization of the network, encompassing strategic planning, digital infrastructure enhancement, and the integration of new technologies into a single network. The resulting integrated network supports daily usage demands and provides a robust foundation for future technologies. This achievement is a testament to the dedication of the network specialists and their close collaboration with global technology partners to deliver high-quality connectivity nationwide.

    Building Capacity and Boosting Performance

    From 2023 to 2025, True Corporation focused on continually increasing network capacity to cater to growing usage demands, such as those encountered at concerts, major events, and areas with heavy user traffic. The corporation successfully merged 5G and 4G technologies, leading to an average nationwide network capacity increase of 1.37 times. The capacity of the 5G network nearly doubled, reflecting efficient spectrum utilization and network management. These enhancements resulted in faster, smoother, and more reliable connectivity, even in densely populated areas.

    Enhanced Coverage and Signal Quality

    The One Network project resulted in significant improvements in both network coverage and signal quality. This was especially noticeable for former dtac customers. Prior to the integration in 2023, dtac’s 5G coverage stood at 47%, while True’s was at 83%. By 2025, the combined 5G coverage reached 94% nationwide, with 4G coverage at 99%. The average nationwide 5G and 4G signal quality improved by 76%, with the most significant enhancements seen in provinces with high usage.

    Seamless Connectivity for Tourists

    True Corporation also undertook efforts to improve 5G and 4G network quality across major tourist destinations nationwide. This ensured seamless connectivity during the peak New Year travel period. Coverage was expanded to include natural attractions, leading tourism cities, economic hubs, and national landmarks across all regions. In Bangkok, the network covered key tourist, retail, and lifestyle districts, supporting heavy digital usage and communications by residents and visitors, as well as major countdown venues.

    Through the One Network project, True Corporation strives to provide smoother connectivity during peak holiday periods, reduce congestion in densely populated areas, and enhance speedy, reliable digital experiences that support tourism and economic activity across the country.

    The project’s success implies more than just network integration. It represents a transformation towards a smarter, more efficient network that elevates Thailand’s telecom standards and ensures seamless connectivity for True and dtac customers in all situations.

    Questions & Answers

    What is the One Network project?
    The One Network project is a significant initiative by True Corporation that aimed at complete network integration between True and dtac to enhance Thailand’s telecommunications infrastructure.

    What improvements resulted from the One Network project?
    The project significantly increased network coverage and signal quality, especially for 5G and 4G services. The combined 5G coverage reached 94% nationwide, and 4G coverage hit 99% by 2025. It also resulted in a more robust and reliable network with increased capacity.

    How does the One Network project impact tourism in Thailand?
    The project led to improved network quality across major tourist destinations, ensuring seamless digital experiences and connectivity during peak travel periods, supporting tourism and economic activity across the nation.

  • True Corporation Sets Telecom Milestone as Thailand’s First with Dual Autonomous Network Certifications

    True Corporation Sets Telecom Milestone as Thailand’s First with Dual Autonomous Network Certifications

    True Corporation, a leading telecom provider in Thailand, has elevated the standards of the nation’s telecommunications sector by securing two globally recognized certifications from TM Forum, an international consortium of technology and telecom firms. True Corporation has received Level 4.0 Autonomous Network (AN) validation for “Service Assurance for Individual Services” and “RAN Energy Efficiency Optimization.”

    Setting New Standards in Telecommunication

    This achievement of Level 4.0, the highest level accomplished by operators across the globe so far, makes True Corporation the sole operator in Thailand to make considerable strides in these two significant areas. This accomplishment highlights True Corporation’s commitment to designing an intelligent network that not only boosts customer experiences but also advocates for environmental sustainability.

    Khurrum Ashfaque, the Chief Network Officer of True Corporation, stated that achieving both Autonomous Network Level 4.0 certifications from TM Forum marked a substantial milestone for the company. It reflected their dedication to upgrading their network services to international standards while managing energy sustainably. He emphasized their focus on becoming a global-class intelligent network service provider and evolving towards an autonomous network capable of managing itself with supreme efficiency. This will be achieved by harnessing advanced artificial intelligence (AI) to deliver high-quality services to clients and continually support the growth of Thailand’s digital infrastructure.

    Validation of True Corporation’s Innovations

    TM Forum evaluated both of True Corporation’s projects and deemed them as comprehensive case studies with operator-grade capabilities. This confirmed that these projects, designed with a focus on service quality and customer experience, could be implemented by other service providers as well.

    AN Levels, as defined by TM Forum, are global standards used to gauge the automation capabilities of telecom networks. They cover diverse use cases, including radio access network (RAN) issue management and signal quality enhancement. The system is divided into five levels, going from Level 1 that requires manual human control, to Level 5, which represents a fully autonomous network operating independently of human intervention. To reach Level 4.0 requires the use of advanced AI for management and is a strategic target for leading telecom service providers worldwide.

    Two Significant Achievements

    True Corporation achieved AN Level 4.0 certification in the “Service Assurance for Individual Services” category, which recognized it as a highly autonomous network. This system was developed in collaboration with Ericsson and leverages AI to manage the network autonomously and efficiently under current conditions.

    Additionally, in the category of “RAN Energy Efficiency Optimization,” True Corporation has obtained AN Level 4.0 certification for a project that emphasizes comprehensive base-station energy management.

    Driving Towards a Sustainable Future

    These global achievements underscore True Corporation’s transformation into a leading telecom-tech company in Thailand with a focus on creating a green network. The company aims to reduce its greenhouse gas emissions by 42% by 2030 compared to 2020 levels and attain net-zero emissions by 2050, in line with SBTi standards.

    Questions & Answers

    What is the Autonomous Network Level 4.0 certification?
    The Autonomous Network Level 4.0 certification is a globally recognized validation by the TM Forum. It recognizes telecom networks that use advanced artificial intelligence for management, enhancing service quality and customer experience.

    What does achieving this certification mean for True Corporation?
    Attaining the Autonomous Network Level 4.0 certification highlights True Corporation’s dedication to upgrading network services to international standards and managing energy sustainably. It propels them closer to becoming a global-class intelligent network service provider.

    How is True Corporation contributing to environmental sustainability?
    True Corporation is focused on creating a green network. They aim to reduce their greenhouse gas emissions by 42% by 2030 compared to 2020 levels and strive to achieve net-zero emissions by 2050, in line with SBTi standards.

  • Vietnam among WeWork’s top markets in Southeast Asia

    Vietnam among WeWork’s top markets in Southeast Asia

    Vietnam is among the top countries in Southeast Asia for coworking space provider WeWork, growing by 8 percent since early last year.

    Most of its customers in the country are in technology, pharmaceuticals, and manufacturing, while financial organizations are among the new ones, Elizabeth Laws Fuller, WeWork’s head of growth in Southeast Asia said.

    It entered Vietnam in 2018 and now has two locations in Ho Chi Minh City out of its 30 in Southeast Asia.

    Vietnam is seeing rising demand for coworking space.

    A recent survey by WeWork and market research firm International Data Corporation found that 80 percent of companies plan to use coworking space in the next three years.

    Another reason for the improving figures in Vietnam is its success in containing the Covid-19 pandemic and sustaining economic growth, Fuller said.

    Many global corporations have been investing or expanding in Vietnam in recent years, and they have a demand for flexible workspace, she said.

    The pandemic has changed companies’ perception of coworking space, and in the long term customers would not be only small and medium-sized players but also large companies, she added.

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  • VF Corporation sales lower in China

    VF Corporation sales lower in China

    Apparel manufacturing and retailing giant VF Corporation has reported a 30-per-cent increase in sales in China in its third quarter, to December 28.

    The huge increase helped fuel a global 6-per-cent rise in revenues to US$3.4 billion, excluding its troubled workwear business for which it has announced a strategic review, with its potential sale in the offing.

    The company’s activewear segment improved by 8 percent, with the Vans brand up by 12 percent; and the outdoor segment by 3 percent including 8-per-cent growth by The North Face.

    Group direct-to-consumer revenue rose by 7 per cent and digital revenue by 16 percent.

    Operating income from continuing operations increased 11 percent and adjusted operating income from continuing operations by 14 percent when the workwear business was excluded. “Our third-quarter performance was strong and our year-to-date results are at the high end of our long-term growth objectives,” said VF Corporation chairman Steve Rendle.

    “Despite a mixed holiday season in the US, we’re on track to deliver solid performance and are well-positioned for continued growth and value creation in the fiscal year 2021.”

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  • Exchange rates, tax worry Vietnam’s most profitable firms

    Exchange rates, tax worry Vietnam’s most profitable firms

    Exchange rate fluctuations and high taxes are the main concerns of Vietnam’s most profitable businesses, a recent report has found. The survey of the 500 most profitable companies this year, which include 41 foreign invested ones, by consultancy and market research firm Vietnam Report, said 51.4 percent of businesses considered exchange rate volatility as the biggest challenge this year.

    For 42.9 percent of respondents the tax burden was the biggest concern.

    Other factors that affect their profitability are red tape (37.1 percent), global economic instability (31.4 percent) and environmental disasters (25.7 percent).

    However, 90 percent expected their revenues to rise this year.

    Eighty percent said their profit had already exceeded last year’s, with another 8.6 percent saying it had drawn level.

    Almost all (97.1 percent) said the government has stewarded the economy well by curbing inflation and managing the exchange rate adroitly.

    But they wanted improvements to administrative procedures, infrastructure and access to land.

    The survey found the telecommunications-information technology sector having the highest return on equity, 30 percent, followed by transportation with 24 percent and pharmaceuticals with 21 percent.

    The Vietnam Oil and Gas Group or PetroVietnam is the most profitable company this year followed by telecomunications firm Viettel and Samsung Electronics Vietnam Co. Ltd.

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  • Lotte pledges 50 trillion won investment

    Lotte pledges 50 trillion won investment

    Lotte Group announced Tuesday a major investment plan to spend 50 trillion won ($43.9 billion) and hire 70,000 workers over the next five years. “The plan comes in order to normalize management activities, obtain a competitive edge for future growth and contribute to vitalizing the local economy,” Lotte said in a statement.

    The announcement comes on the heels of similar plans announced by other conglomerates like LG, Shinsegae and Samsung. Lotte couldn’t join that wave because Chairman Shin Dong-bin was sentenced to 30 months in prison last February for bribing former President Park Geun-hye. On Oct. 5, the Seoul High Court replaced the prison sentence with four years of probation, and Shin returned to work three days later.

    Lotte announced an investment plan of 40 trillion won in 2016. But most of the investments couldn’t be executed after the group was badly affected by the deployment of a U.S. antimissile system in Korea in 2017 on a golf course formerly owned by the group and a Chinese boycott against Lotte that followed. Shin’s imprisonment earlier this year also got in the way.

    Execution of the 50-trillion-won plan will start next year. A 12 trillion won budget is planned for 2019, a record for the conglomerate.

    The two sectors that will receive the greatest attention are chemicals and retail. Some 40 percent of the investments will be in chemicals and 25 percent in retail. Lotte grew to its current size thanks to food and retail, but in recent years, the company has been active in developing the chemical business.

    For chemicals, investments will focus on expanding local and overseas manufacturing facilities. The group currently has factories in three locations in Korea, which Lotte said will be expanded.

    Investments in overseas facilities will also be made to expand the company’s businesses abroad. Lotte Chemical has a $4-billion project in Indonesia that was put on hold when Shin was jailed. A source at Lotte said, with Shin back in the saddle, resuming the project won’t take long.

    The main goal for investments in retail is improving the infrastructure for e-commerce. Lotte said in a statement it plans to establish logistics and computing infrastructure to offer a more convenient experience for shoppers online and off.

    Tech development and enhancing the level of digitalization is a long-term goal across the conglomerate’s affiliates. For example, Lotte wants to apply tech to its food business: Artificial intelligence technology is underway to be used for trend analysis and to suggest new products.

    Indonesia and Vietnam will be two foreign markets Lotte’s affiliates will focus on. The company once had a huge footprint in China, but Beijing unofficially retaliated against Lotte after the deployment of the antimissile system in Korea. The company added in the statement that it would continue discovering new markets.

    The goal for new jobs in 2019 is 13,000, which is 10 percent higher than what Lotte plans to hire this year. Many hires will be in the e-commerce sector.

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