I'm presiding over this meeting. In case of any internet connection issues during the proceedings, an officer of the corporation will continue the proceedings. Our Corporate Secretary is unable to speak clearly temporarily due to a case of sore throat. His role will be assumed by our Assistant Corporate Secretary, Attorney Valerie Amante. Will the Assistant Corporate Secretary please certify that notices have been sent to the stockholders and that a quorum exists in this meeting to transact business?
In my capacity as Assistant Corporate Secretary of Jollibee Foods Corporation, I hereby certify that in compliance with Securities and Exchange Commission requirements, the notice of this meeting has been published in two newspapers of general circulation, BusinessWorld and Malaya Business Insight, both in print and online versions, last June 8th and June 9th, 2023. The notice of meeting and the information statement have been made available to our stockholders and the public via disclosure through the PSE EDGE system and posting in the corporation's website. I certify that there are present in this meeting, in person or by proxy, stockholders representing 884,334,842 shares, or 79.299%, which constitute more than majority of the total issued and outstanding shares. The meeting is therefore competent to transact business for which it was called.
Thank you, Attorney Amante, for certifying that we have a quorum to proceed with today's meeting. Good afternoon, everyone. I am Abby Castello, and I will be your host for this afternoon. We acknowledge the presence of the members of the board of directors, JFC's corporate officers, and other members of the management team who are with us today. Finally, we acknowledge representatives from our external auditors, counsels, insurance and banking partners, equity research firms, and stock brokerage houses, and members of the media. For good order in this afternoon's meeting, please allow me to give you a summary of the rules and procedures observed in our online registration and voting in absentia system. These rules and procedures form part of the corporation's information statement as its Annex A, which has been made publicly available by the corporation's statutory submissions and through the corporation's website.
First, only stockholders of record as of record date May 31, 2023, shall be entitled to vote or be voted at this meeting via registration under the voting in absentia system or voting by proxy. Only those who have successfully registered through the online system or have submitted duly accomplished proxy forms as of June 20, 2023, shall participate in the meeting. Second, stockholders were given until noon today to cast their votes on the matters included in the agenda. We have referred to the results of the tabulation for votes received as of June 22, 2023, as basis in proceeding with this afternoon's meeting. The final results shall be reflected in the minutes of the meeting. Third, stockholders were invited to submit their questions to the email corporate secretary@jollibee.com.ph. Among the questions sent, we have selected the questions for this afternoon's program.
Thank you. Let us now proceed to the approval of the minutes of the last annual meeting of the stockholders held on June 24, 2022. May we have the Assistant Corporate Secretary provide the voting results on this agenda item?
For the foregoing agenda item, as mentioned by the Chairman, stockholders owning more than majority of the total issued and outstanding shares gave their affirmative votes.
The next item in the agenda is the management's report. A copy of the President's message to our stockholders is included in the annual report that is posted in the corporation's website. We have prepared a pre-recorded speech from our President and Chief Executive Officer, to be followed by an audio-visual presentation.
Dear shareholders, we have accomplished another year of solid financial performance despite the many challenges we have had to overcome over the past few years. Our success in 2022 has proven that by staying true to our mission of serving great-tasting food and bringing the joy of eating to everyone, a brighter and more joyful future is ahead of us. Let me share some of our key performance highlight from the past year. Overall sales significantly improved due to the easing of pandemic restrictions in key markets, continued network expansion, and strong same-store sales. System-wide sales in 2022 grew by 40.2%, alongside our revenue for the year at 38%, both of which are the high end of our 35%-40% guidance range for the year.
Full year system-wide sales in the Philippines grew by 44.6%. Full year same-store sales growth grew by 40.6%. International system-wide sales grew by 34%, led by SuperFoods, EMEA, The Coffee Bean & Tea Leaf, and North America, while China was severely impacted by COVID restrictions. Notably, the Jollibee Group generated an operating profit of PHP 9.9 billion amidst high inflation, global supply chain challenges, and overall escalating costs. This is 58.4% higher than the operating profit in 2021, and 6.5% better than the 2018 pre-pandemic operating income level of PHP 9.3 billion. Driven by increased mobility, dine-in sales have shown better numbers than the previous year. Overall, we are delighted to welcome more customers back to our stores.
Even with this movement, off-premise channels, such as delivery services, also continue to show resilience. We expect sustained growth as we strengthen and improve our digital touchpoints for better service, efficiency, and reach to make the joy of eating more accessible to everyone in the comfort of their homes and workplaces. We also continued our global expansion momentum in 2022, with a record number of stores opened in a single year. A total of 542 new stores were opened around the world, and we completed the acquisition of 51% of Milkshop International Limited in February 2022. This company owns Milksha, one of the popular Taiwanese bubble tea brands, with over 250 outlets prominently located in Taiwan. We grew our store network by 9.2% versus 2021, exceeding our guidance range for the year.
At the end of 2022, the Jollibee Group is operating a total of 6,480 stores worldwide. Like organic growth and acquisitions, divestments are also part of our strategy. During the year, we terminated the operation of Beijing Golden Cup Corporation, which operated a total of seven Dunkin' restaurants in Beijing in 2022. This decision will enable us to focus on building our business in China through our larger, more well-known brands like Yonghe King, Hong Zhuang Yuan, and Tim Ho Wan. In summary, our 2022 sales growth was driven by 27% same-store sales growth, 6.1% from new stores, our acquisition of Milksha, and 5.2% foreign currency translation gain.
We saw an increase of 58.4% in our operating income and 26.4% in our net income attributable to equity holders of the parent company, amounting to PHP 9.9 billion and PHP 7.6 billion respectively. With our strong profit performance, we generated cash from operations of PHP 27 billion, an increase of 23.7% compared to what we made in 2021. We spent PHP 9.7 billion in CapEx, mostly for new stores and the renovation of existing stores. We continued to have a solid balance sheet, with total assets of PHP 233.4 billion, which increased by 10.7% year-on-year. Our cash level reached PHP 28.9 billion, representing 12.4% of our total assets.
I'm also happy to share that we completed the transfer of some of our land properties to CentralHub Industrial Centers Incorporated, a company in the industrial real estate business. In addition to this, we also sold land and building properties to third parties. This move is part of our JFC's strategy to become asset-light, allowing us to focus more on growing our core business in food service, restaurant operations, and food processing. Our total gain from these transactions is at PHP 4.9 billion. Through our fully owned subsidiary, Jollibee Worldwide Private Limited, we have increased our commitment to Titan Dining LP to SGD 315 million, with the fund size of Titan growing from SGD 250 million-SGD 350 million.
The increase is allotted for store expansion plans and working capital requirements of Tim Ho Wan, as well as facilitating the completion of other projects. JFC has 90% participating interest in Titan, which owns and operates various businesses in the food and beverage segment, alongside other investments in non-F&B segments. Some of its notable brands in the F&B segment, aside from Tim Ho Wan, are Tiong Bahru Bakery and Common Man Coffee Roasters, both well-loved brands in Singapore. Despite these positive developments, a great deal of uncertainty in the macro climate remains. We are confident that the Jollibee Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability, while we continue to invest strategically in our business, brands, technology, and our people to deliver long-term growth and value for our shareholders.
We achieved this record-high performance through the hard work and commitment of the JFC organization and its stakeholders. Our people are truly the driving force behind our success and accomplishments. We recognize and thank them for their continued dedication and unwavering support. We are humbled and grateful to have the Jollibee Group named among the world's best employers by Forbes for three consecutive years now, aligned with our vision of being. The top restaurant companies in the world, the Jollibee Group, was also noted as the highest-ranking restaurant company on the list, as well as the highest-ranking Philippine-based company. Our business is nothing without our people, and we continue to capitalize on our collective strengths and provide our employees with strong opportunities for growth and development.
The ASEAN Corporate Governance Scorecard, or ACGS Golden Arrow Awards, has also recognized our positive performance in corporate governance, transparency, accountability towards our shareholders, and our commitment to responsible business practices have always been a top priority for JFC. Given these accolades, we know that our commitment also extends beyond our own people. As one of the fastest-growing restaurant companies in the world, we hold responsibility towards our society and its future generations. We are working towards ensuring that a joyful, sustainable future is within reach for us, our society, and our planet. In 2022, we launched our first global sustainability report to reaffirm our commitment to sustainability. Our global sustainability agenda, Joy for Tomorrow, highlights the deliberate efforts we have made towards pursuing a more sustainable business and is our roadmap for achieving our triple bottom line of people, planet, and profit.
This sets the standard for our belief system of doing business ethically and provides us with a strategic framework for setting responsible goals, measuring the company's impact, and holding ourselves accountable in meeting these metrics. It is made in accordance with the GRI Standards for the period of January to December 2022. This agenda empowers all our units and functions with a unified approach and cadence towards generating sustainable long-term value for our company and all our stakeholders through its three pillars of Food, People, and Planet. Let me discuss some of the key points under each pillar. First, we have always served food that people trust. Safety, quality, nutrition, and transparency are at the forefront of our food sustainability pillar. Audits and certifications are conducted yearly across 100% of sources, stores, commissaries, and logistics partners worldwide to ensure that the right systems are in place.
Over 15,000 food service cleanliness and condition audits were conducted across our restaurants globally in the last year. When you dine at a JFC restaurant, you can trust that ingredients are sourced responsibly from key suppliers, ensuring that quality standards are met and that your satisfaction is guaranteed. Our global net promoter score of 82 surpassed the industry benchmark of 50, highlighting our customer satisfaction and loyalty to our brands worldwide. Second, our commitment to help make people's lives better is deeply ingrained in our people's sustainability pillar. Our employees, our farmers, and our community make up who we are and keep us grounded in our mission towards better, more sustainable practices. We at the Jollibee Group uphold the values of good governance to show respect for human rights, ensuring that ethical practices are carried out across the organization.
When it comes to our team of over 19,000 employees, we believe in providing them with training and development opportunities, with over 18,000 training hours completed in the past year. Equality and diversity are top priorities for us, offering opportunities to our employees regardless of gender, ethnicity, age, and vulnerability. With this, we continue to target high employee engagement as we aim for a positive, optimal, and joyful experience for everyone in the organization. We measure this with Gallup's Q12 percentile ranking, where we have hit the 70th percentile, which validates our high level of employee engagement. We also recognize that supporting the livelihood of farmers contributes to the strengthening of the agricultural value chain and building more resilient and sustainable communities. Through our Farmer Entrepreneurship Program, we aim to continue building an inclusive supply chain that enables even smallholder farmers to participate in the company's economic success.
In 2022, 15% of JFC's vegetable requirements came from over 700 smallholder farmers who deliver directly to the brands. Lastly, we are dedicated to treating the planet responsibly. Better packaging and recycling systems, food loss and food waste reduction, and solutions towards energy and water efficiency are measures that we have taken to ensure that we treat the planet with the care that it deserves. Our supply chain sustainability program in the Philippines has already yielded reductions in energy, water, and waste, and we aim to accelerate our initiatives as we move forward. The Jollibee Group reported in accordance with the Global Reporting Initiative Standards for the period January to December 2022. I invite you to read our global sustainability report, which you can access through our corporate website.
We have learned many lessons from the challenges we faced during the global pandemic, many of which are centered on the need to apply better, more sustainable practices for our planet and our society. In working towards our vision and mission, we must not lose sight of our responsibility and shared goals towards a better, more joyful future for everyone to enjoy. Before I end, let me give you an update on the Jollibee Group's performance for the first quarter of 2023. Our first quarter financial results reflected continued strong momentum, delivering another quarter of strong top line and operating income growth. System-wide sales and revenues for the quarter rose by 31.1% and 28.5% respectively, while operating profit grew by 80.9%.
System-wide sales growth was broad-based, with all brands posting strong double-digit growth compared to the first quarter of 2022. Same-store sales grew by 22.4%, with the Philippine business growing by 31.6% and the international businesses by 8.8%. Our same-store sales growth was driven by a 6.3% increase in average check and a 15.1% growth in volume or transaction count following a softer first quarter 2022 due to the Omicron surge. Compared to the first quarter of 2019, JFC's system-wide sales grew by 44.9%. We continued to invest in new stores that will help drive sustainable value for our shareholders. We opened 111 stores and grew our store network by 4.7% versus prior year.
We are on track to achieving our 550 to 600 new store target for 2023. We delivered strong operating profit of PHP 3.6 billion, an increase of 80.9% versus previous year, despite continued macro challenges. We remain focused on navigating through these uncertainties and are confident in our ability to deliver another year of strong growth. On April 17, 2023, the JFC Board of Directors approved the declaration of a regular cash dividend of PHP 1.07 per share of common stock for all shareholders of record as of May 3, 2023. Payment date was on May 22, 2023. 2023 marks the 45th anniversary of the founding of Jollibee Foods Corporation. I am deeply grateful to all those who joined us on our 45-year journey.
To our shareholders, bondholders, business partners, franchisees, and customers, we are grateful for your unwavering support and confidence, especially during the most challenging of times. Your trust in JFC has allowed us to come back stronger than ever. To our JFC employees, your hard work and tremendous efforts have led the organization to greater heights this year. Our successes are your successes. We truly value your commitment to service, your dedication to helping us carry out our mission of bringing great-tasting food and joy to everyone. To our JFC board, my sincere gratitude for the continued guidance and support.
As we continue to expand our family of brands and restaurants around the world, I am positive and excited for the joy of eating to reach more families and friends, and to see the Jollibee Group grow even bigger, better, and more joyful in the next 45 years to come and beyond.
2022 was a record year for Jollibee Foods Corporation. By strengthening our fundamentals and overcoming challenges, we led our well-loved food brands to new peaks and record-breaking growth. This year, Jollibee solidified its market leadership in the Philippines and continued its accelerated growth internationally, spreading joy across the world with our best-tasting food and brand of service. We leveled up joy with new store openings and innovations to existing stores around the world. Jollibee saw significant store growth internationally, opening new locations across the globe and garnering top accolades for the brand and our signature Chickenjoy. Chowking and Mang Inasal saw a strong 2022, with unprecedented growth in off-premise channels. Chowking remains among the top delivery brands in the Philippines, engaging its Chow Fam to the next level and even breaking new ground in the international market.
Mang Inasal marked its 20th year by soaring over pre-pandemic levels, thanks to reinvention and innovative marketing. Greenwich and Red Ribbon saw new peaks in 2022. With its great-tasting, feel-good pizzas, Greenwich achieved market leadership in the branded eat-out category, reaching its highest-ever market share. Red Ribbon saw its highest sales ever in the Philippines in 2022 and stayed the number one Philippine bakeshop in the U.S. despite challenges in the market. Burger King, Panda Express, and Yoshinoya took huge strides this year. Burger King Philippines saw a whopping 2022, breaking sales and growth records for our best year yet. Panda Express achieved its highest system-wide sales ever in 2022 and opened the biggest number of stores for the brand in one year. Yoshinoya system-wide sales grew five-fold, and its store network doubled over the course of the year.
JFC's China brands, Yonghe King, Hong Zhuang Yuan, and Tim Ho Wan, saw great momentum and growth in the region. Yonghe King launched its online delivery sub-brand, King Breakfast, and increased its online presence, while Hong Zhuang Yuan opened new stores and launched a range of new products for the market. Tim Ho Wan saw rapid expansion across China, with new stores opening in major cities. Smashburger saw its second consecutive year of positive system-wide sales growth and significant share gains, especially through its focus on digital platforms. The Coffee Bean & Tea Leaf, Highlands Coffee, and Milksha all saw significant growth in 2022. CBTL saw a renewed global growth momentum, increasing its presence around the world. Highlands Coffee remained the number one coffee in Vietnam, setting record profits at the outlet and business level.
After its acquisition, Milksha saw a huge leap in sales growth and milestone openings across the world. Despite the challenges of the year, 2022 was proof that with strong brands, solid fundamentals, and a unified team, we can reach even greater heights for our customers and shareholders for years to come. Even more growth lies ahead. We are Jollibee Group.
That concludes the President's report.
Our next agenda item is the approval of the audited financial statements for the year ended December 31st, 2020, in the annual report. May we have the Assistant Corporate Secretary provide the voting results on this agenda item?
For the foregoing agenda item mentioned by the Chairman, stockholders owning more than majority of the total issued and outstanding shares gave their affirmative votes.
The next item in the agenda is the ratification of the actions taken by the Board of Directors and officers of the corporation since the last Annual Stockholders' Meeting on June 24, 2022. May we have the Assistant Corporate Secretary provide the voting results on this agenda item?
For the foregoing agenda item mentioned by the Chairman, stockholders owning more than majority of the total issued and outstanding shares gave their affirmative votes.
The next item in the agenda is the approval of the amendments to Article II of the amended Articles of Incorporation to remove from the primary purpose the ownership of land. May we have the Assistant Corporate Secretary provide the voting results on this agenda item?
For the foregoing agenda item mentioned by the Chairman, stockholders owning more than two-thirds of the total issued and outstanding shares gave their affirmative votes.
The next item in the agenda is the election of the members of the Board of Directors.
Mr. Chairman, following our bylaws, the nominees included in the final list of candidates submitted to the Corporate Secretary by the Nomination Committee are Dr. Tony Tan Caktiong, William Tan Untiong, Ernesto Tanmantiong, Antonio Chua Poe Eng, Ang Cho Sit, Retired Chief Justice Artemio V. Panganiban, Cesar V. Purisima as Independent Director, Kevin Goh as Independent Director, Ee Rong Chong as Independent Director. In compliance with statutory requirements, the information on the nominees is included in the Corporation's information statement.
Considering that the Board has nine seats and only nine candidates have been nominated, the Assistant Corporate Secretary is hereby ordered to cast all votes in favor of all those nominated. The following are elected as members of the Board of Directors: Tony Tan Caktiong, William Tan Untiong, Ernesto Tanmantiong, Antonio Chua Poe Eng, Ang Cho Sit, Retired Chief Justice Artemio V. Panganiban...... Cesar V. Purisima as Independent Director, Kevin Goh as Independent Director, Ee Rong Chong as Independent Director. Congratulations to the newly elected members of the Board of Directors. The organizational meeting of the newly elected directors shall be held immediately after this meeting. We shall now proceed to the next item in the agenda, the appointment of external auditors for the fiscal year ending 2023.
We wish to inform everyone that the audited financial statements for the fiscal year ending December 31st, 2022, was prepared by the corporation and reviewed by the auditing firm SyCip Gorres Velayo & Co. May we have the Assistant Corporate Secretary provide the voting results on this agenda item?
For the foregoing agenda item mentioned by the Chairman, stockholders owning more than majority of the total issued and outstanding shares gave their affirmative votes.
Thank you, Attorney Amante. Prior to the meeting, our stockholders sent their questions and feedback to the corporatesecretary@jollibee.com.ph email address. Among the questions sent, we have selected the questions for this afternoon's program. For question number 1: Is JFC confident that it will meet its guidance for full year 2023? Does it expect a decline in growth for the second half of the year, considering the record numbers it achieved last year? We request our Chief Financial Officer, Mr. Richard Shin, to answer the question.
We expect a strong momentum from our Q1 to continue. Growth rates versus 2022 will narrow down starting Q2 of 2023 versus prior quarters' growth rates due to a record high base. Revenue growth will be driven by continued success for the Philippines business and the accelerating growth of our international businesses, supported by continued investments in JFC's organization and technology. We're confident that the JFC group is resilient and well-positioned to drive near-term growth despite 2022's macroeconomic challenges. We have clear priorities on profitability while continuing to invest strategically for long-term growth and value for shareholders. Our guidance is based on track record of delivering with high probability and realism. Thank you.
Thank you, Mr. Shin. For question number two: What is JFC's view on growing the business through mergers and acquisitions? We request our Chairman, Mr. Tony Tan Caktiong, to answer the question.
Thank you for the question. We have very strong brands with great potential to grow globally. We will focus our resources on core brands and growth contributors, which provide more value for our shareholders. Our priority is on organic growth of our current portfolio. We will be very selective about acquisition opportunities and consider only that those that will add value to JFC.
Thank you, Mr. Tan Caktiong. For question number 3: Can you share an overview of JFC's international expansion strategy and how it sees it contributing to the growth of the business in the long term? We request our President and Chief Executive Officer, Mr. Ernesto Tanmantiong, to answer the question.
Thank you for the question. JFC's long-term growth will be driven by extending our dominant market leadership in the Philippines and accelerating growth in our pillar markets of the United States of America and China. Our focus remains on expanding globally in the strategic categories of chicken and burgers, Chinese cuisine, and coffee and tea by investing in our lead brands: Jollibee, Smashburger, Tim Ho Wan, and The Coffee Bean & Tea Leaf. We've made significant progress in our international expansion strategy, opening the most number of international stores for three consecutive years, accelerating the system-wide sales contribution of the international business to 40%, delivering strong double-digit sales growth, and generating positive EBITDA, contributing to 1/3 of JFC's overall EBITDA in Q1 2023.
Our global expansion efforts, compounded by the continued strength of our Philippine business, will enable JFC to deliver sustained long-term value for our customers, people, and shareholders.
Thank you, Mr. Tan Caktiong, and that concludes our question and answer portion for this year's annual stockholders meeting. We request our Chairman of the Board to proceed with the last item in our agenda.
There being no other matters in the agenda, I hereby adjourn this meeting. Thank you for everyone's participation. Stay safe.