Jollibee Foods posts P7.3B net income from Jan.to Sept.

Homegrown quick service restaurants chain Jollibee Foods Corp. (JFC) saw its bottom line skyrocket in the first nine months of the year.

In a disclosure to the Philippine Stock Exchange on Wednesday, JFC reported a net income of P7.308 billion during the January to September period, up 224.3% from P2.254 billion in the same period last year.

This, as the company’s system wide sales grew to a record P210.9 billion, up 40.9% from P149.7 billion year-on-year.

JFC’s revenues also rose by 38.5% to P150.4 billion from P108.6 billion a year earlier.

“I am pleased that we achieved very good results for our business despite the difficult market conditions. Our priority is to realize attractive value for our shareholders by concentrating our resources on our businesses with the highest growth potential,” said JFC CEO Ernesto Tanmantiong.

JFC said it continued to open stores across the world.

In the first nine months of the year, the company said it opened 361 new stores: 64 in the Philippines, 66 in China, 23 in North America and 26 in Europe, Middle East and Africa (EMEAA).

SuperFoods, Coffee Bean and Tea Leaf (CBTL), and Milksha opened 89, 69 and 24 stores, respectively.

The company said it also closed a total of 207 stores during the period —46 in the Philippines and 161 abroad.

At the end of September 30, 2022, JFC said it was operating 6,351 stores worldwide: 3,238 in the Philippines and 3,113 in international: 486 in China, 385 in North America, 319 in EMEAA, 592 with SuperFoods mainly in Vietnam, 1,053 with CBTL and 278 with Milksha.

The company’s largest brands by store outlets worldwide are Jollibee with 1,552, CBTL 1,053, Chowking 612, Mang Inasal 574 and Highlands Coffee 562. —LBG, GMA Integrated News