Jollibee nets P3.06B in H1
MANILA—Homegrown fast food giant Jollibee Foods Corp. (JFC) booked a 13.4-percent surge in profit in the first half of 2016 on the back of aggressive store expansion and higher same store sales.
Its net income reached P3.06 billion in January to June, from P2.07 billion during the same period last year.
Net income attributable to equity holders of the parent company rose 17.5 percent to P3.05 billion, from P2.6 billion.
For the first half of the year, JFC’s system-wide sales grew by 14.9 percent to P71.45 billion while revenues increased 13.7 percent to P54.42 billion.
“Our Philippine business, which accounts for at least 80 percent of our worldwide sales, has been experiencing its strongest organic growth in many years. We attribute this to continued improvement in product quality and value offering supported by focused marketing campaigns, store expansion and renovation, low inflation rate, healthy growth of the country’s economy and election-related spending. All brands performed very well,” said JFC chief executive officer Ernesto Tanmantiong.
Tanmantiong said its business abroad had mixed performance, with Southeast Asia, the Middle East and the United States increasing.
He said China sales, however, declined by 5.7 percent due to competitive pressure on Yonghe King, its largest brand there.
“We look forward to a strong recovery of our Yonghe King business in the months ahead with the launch of new products with high value and taste scores supported by strong marketing campaigns and continuously building a significant business in the People’s Republic of China and other parts of the world,” he added.
Net income attributable to equity holders of the parent company for the second quarter increased by 17.2 percent to P1.7 billion.
“We look forward to continued strong profit growth while preparing for likely higher inflation rate in 2017 in the Philippines and other parts of the world and improving the profitability of our joint venture businesses,” said JFC chief financial officer Ysmael Baysa.