JOLLIBEE Foods Corp.'s board of directors on Tuesday greenlit the issuance of regular cash dividends for its Series A and Series B preferred shares, with an aggregate amount of P120 million.

In a filing, Jollibee said its board authorized the declaration of a cash dividend for Series A shares of P8.20525 apiece totaling roughly P24.6 million.

The board also approved the issuance of a cash dividend for Series B shares amounting to P10.60125 per share for a total payout of around P95.41 million.

The cash dividends will be given to stockholders of record as of Oct. 4, 2023, with an ex-dividend date of Oct. 3, 2023. The payment date is on Oct. 16, 2023.

"The source of the cash dividend payment is the unrestricted retained earnings as of December 31, 2018," Jollibee Foods said.

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For the second quarter of 2023, the conglomerate posted a 16.8-percent increase in revenues to P60.79 billion from P52.05 billion a year earlier.

System-wide sales grew to P85.49 billion, up 16.9 percent from last year's P73.15 billion, resulting in a 31-percent increase in operating profit to P4 billion from P3.05 billion previously.

"I am pleased with our financial results for the second quarter, which reflected continued strong sales and operating profit growth," Ernesto Tanmantiong, the company's chief executive officer, said in a statement.

He added that the conglomerate's financial performance in the second quarter "affirms our confidence in our full-year guidance for 2023."

On Tuesday, Jollibee shares fell by 40 centavos, or 0.17 percent, to P229.60 amid a 1.25-percent downturn for the benchmark Philippine Stock Exchange index.