Starbucks Coffee Korea posted record revenue and operating profit last year as it branched across the coffee-loving country where an average Korean drank up 500 cups of coffee last year.

The 50-50 joint venture between Korea’s retail conglomerate Shinsegae and the U.S. coffeehouse chain reported 114.4 billion won ($107.3 million) in operating profit on 1.26 trillion won in sales, according to Shinsegae on Thursday.

Revenue jumped 25.9 percent from a year ago, with operating profit up 33.9 percent.

It marks the first time Starbucks recorded the milestone of 1 trillion won in sales and 100 billion won in operating profit since it opened its first local branch near Ewha Womans University in Seoul in 1999.

Its gain came at the loss of local competitors. Many local names disappeared and the survivors like Twosome Place, Ediya, and Angel-in-us report much smaller profits.

Starbucks Coffee Korea’s royalty payment to its U.S. headquarters also increased to 63.1 billion won last year.

Starbucks operated 1,140 stores in Korea as of the end of last year. The number has risen dramatically over the years, hitting 1,000 in 2016 from 500 in 2013 and 327 in 2010.

By Lee Hee-soo and Minu Kim

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