Jollibee earnings rise 16.5% to P1.9 B in Q2

MANILA, Philippines - Jollibee Foods Corp., (JFC) reported a net income of P1.9 billion in the second quarter of the year, up 16.5 percent from the same period a year ago.

This brought first half net income to P3.4 billion, up 10.2 percent.

In a disclosure yesterday, the company reported that system wide sales, a measure of all sales to consumers both from company- owned and franchised stores grew 14.7 percent in the second quarter.

For the first half, JFC’s system wide sales rose 13.5 percent. Without divestments and acquisitions, system wide sales grew 14.3 percent with global store network expansion accounting for six to seven percent.

System wide sales in all regions performed strongly in the second quarter led by Southeast Asia – excluding the Philippines – which grew by 42 percent.

North America business, meanwhile, grew 32.5 percent while the Middle East business grew 32 percent. For the China business, growth was at 17.2 percent while the Philippine business improved by 12.5 percent.

 To support growth during the period, JFC spent P4.1 billion, an increase of 46 percent from the previous year.

It opened 157 stores in the first half, of which 108 are in the Philippines and 49 abroad.

JFC operates the largest food service network in the Philippines. As of June 30, 2017, it was operating 2,701 restaurant outlets in the country led by the Jollibee brand with 1,005 stores and 869 stores abroad.

It also has a 48 percent interest in joint venture for 12 Hotpot (China) with 16 stores and a 40 percent interest in Smashburger with 362 outlets, mostly in the US. These joint ventures have a total of 378 stores worldwide, which are not included in JFC’s consolidated store count.