Hungry Jacks owner tops $1bn revenue

Fast food franchise group Competitive Foods Australia has reported a $21.4 million profit for the year to July 2013, including a $4.9 million profit from the KFC division that it sold last year.

Competitive Foods has reported annual sales revenue of $1.03 billion, with its core business being franchisor of the Hungry Jack’s fast food chain.

The Jack Cowin-chaired business was also a big KFC franchisee, with that division contributing $113 million to annual sales.

The group profit was up by three times from the 2012 figure of $7.9 million.

Competitive Foods’ financial statements were submitted to Australian Securities & Investment Commission this week.

Much part of the revenue was taken up by its spending on ‘raw materials and consumables’, which amounted to $435.8 million.

Its total debt was over 47.6 per cent of its total assets.

The company sold its KFC franchise to Collins Foods for $55.6 million, ending a 10-year long dispute with KFC franchisor Yum! Brands.