FASTFOOD giant Jollibee Foods Corp. said Monday earnings in the first half rose 10 percent driven by higher system-wide sales and faster profit growth of its foreign businesses.
Jollibee’s net income for the first six months reached P3.37 billion, up from the P3.06 billion registered in the same period last year.
“For the first six months of 2017, all foreign regions—China, North America, and Southeast Asia and the Middle East generated profit that was significantly higher than that generated in the same period a year ago,” the company said in a disclosure to the stock exchange.
For the second quarter alone, net profit was P1.9 billion, higher by 16.5 percent than last year’s P1.6 billion.
“These strong growth rates were driven by the acceleration of profit growth in foreign businesses, lower losses in joint ventures—which consists mostly of new businesses abroad, and lower income taxes,” it said.
Operating income from January to June rose 11.9 percent to P1.99 billion from P1.78 billion a year ago, while system-wide sales, a measure of all sales to consumers both from the company-owned and franchised stores, grew 14.7 percent to P42 billion from P37 billion. Including divestments and acquisitions, system-wide sales grew by 13.5 percent in the first six months.
“Same store sales growth and the store network expansion in the Philippines were in line with worldwide growth rates. Revenues grew in line with system wide sales at 13.6 percent,” it said.
As of June 30 this year, JFC operated 2,701 restaurant outlets in the country. Of these, 1,005 carry the Jollibee brand, 496 are Chowking stores, 257 are Greenwich stores, 395 are Red Ribbon outlets, 470 are Mang Inasal restaurants, and 78 are Burger King stores.
Worldwide, the company operates a total of 3,570 stores.