Home Editor's Picks Jollibee net earnings up nearly threefold to P2.8B

Jollibee net earnings up nearly threefold to P2.8B

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JOLLIBEE Foods Corp. (JFC) recorded a surge in its attributable net income to P2.79 billion in the second quarter, almost triple last year’s P976.71 million, after booking “record-high” system-wide sales, it said on Thursday.

“We are pleased with our strong top line growth led by our Philippine business which delivered better-than-expected sales for the second quarter and got back to its pre-pandemic sales level,” JFC Chief Executive Officer Ernesto Tanmantiong said in a press release.

During the April-June period, revenues rose by 41.9% to P52.05 billion while system-wide sales, which cover company-owned and franchised stores, were up by 44.8% to P73.15 billion.

Growth of same-store sales was placed at 32.6%, new stores at 7.2%, and new acquisitions at 5% amid a favorable foreign exchange translation.

The JFC group’s operating income reached P3.05 billion during the second quarter, more than double last year’s P1.38 billion.

Its international business posted an increase of 6.9% despite registering a decline of 29.5% in same-store sales in China attributed to restrictions related to coronavirus disease 2019 (COVID-19).

The company said, “practically all brands registered strong double-digit growth” as demand bounced back with the easing of pandemic-related restrictions in many parts of the country.

In the first half, the company’s attributable net income hit P5.1 billion, more than four times the previous year’s P1.13 billion.

Meanwhile, its first-semester topline climbed by 33% to P94.91 billion from P71.37 billion last year.

Operating income reached P5.04 billion in the first six months, higher by 76% than the P2.86 billion recorded last year.

In the first semester alone, the company opened 230 new stores mostly in the Philippines, and closed a total of 130 stores mostly abroad.

The JFC group has 18 brands in 34 countries, namely: Jollibee, Greenwich, Chowking, Yong He King, Red Ribbon, Hong Zhuang Yuan, Mang Inasal, Burger King, Highlands Coffee, Pho24, Dunkin’ Donuts, Smashburger, Tortazo, Tim Ho Wan, The Coffee Bean & Tea Leaf, Panda Express, Yoshinoya, and Milksha.

As of June 30, the company was operating 6,297 stores worldwide: 3,239 in the Philippines and 3,058 abroad.

On Thursday, JFC shares soared by P15 or 6.88% to P233 apiece. — Justine Irish D. Tabile

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