Jollibee Foods earnings up 351.7% in H1

Jollibee Foods Corporation (JFC) saw its earnings grow by over 350% in the first half of 2022 as demand bounced back amid the easing of COVID-19 restrictions.

In a disclosure to the Philippine Stock Exchange, the Tony Tan Caktiong-led fast-food giant said its net income from January to June stood at P5.1 billion, up 351.7% from P1.1 billion in the same period last year.

The company said its system wide sales, a measure of all sales to consumers, both from company-owned and franchised stores increased 35.4% to P133.1 billion in the first half from P98.3 billion last year.

JFC said that “practically all brands registered strong double-digit growth as demand bounced back with the easing of COVID-related restrictions in many parts of the country.”

The company owns Jollibee, Chow King, Mang Inasal, Coffee Bean and Tea Leaf chains, among others.

JFC said its international business grew by 6.9% despite a 29.5% decline in the China business’ same store sales growth due to COVID-related restrictions.

It said that North America business posted a growth of 7.5% and Europe/Middle East/other parts of Asia (EMEAA) grew 14.0%.

“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. We are encouraged to see further improvement in dine-in sales while at the same time sustaining growth in our delivery business,” said JFC chief executive officer Ernesto Tanmantiong.

“Outside the Philippines, our China business saw double-digit decline in sales as our restaurants particularly in Shanghai were closed temporarily for most of the quarter due to heightened COVID-related restrictions,” said Tanmantiong.

JFC said it continued to open stores across the world.

In the first semester, the company said it opened 230 new stores: 50 in the Philippines, 38 in China, 16 in North America and 18 in EMEAA.

SuperFoods, CBTL and Milksha opened 47, 52, and nine stores, respectively. — BM, GMA News