Jollibee posts P7.77-B net income in 2018, up 16.5%

Jollibee Foods Corp. reported a 16.5-percent increase in bottom line last year on the back of double-digit growth in system wide sales.

In a regulatory filing submitted by Jollibee Investor Relations director Corazon Palomar, home-grown fast food giant said net income amounted to P7.772-billion last, year up 16.5 percent from P6.673 billion a year earlier.

System wide sales, which measures all sales to consumers by both company-owned and franchised stores, grew by 23.5 percent to P212.185 billion from P171.761 billion.

Total revenue amounted to P158.671 billion, up 20.6 percent from P131.577 billion year-on-year.

Jollibee opened 502 stores last year, the highest number of new stores opened in a year in its 40-year history.

“The Philippine business performed strongly in 2018 despite rising inflation rate and slowing GDP (gross domestic product) growth,” Jollibee chief executive officer Ernesto Tanmantiong said.

The fast food chain ended 2018 with a total worldwide network of 4,521 stores. —Ted Cordero/VDS, GMA News