Jollibee posts P2.3-B net income in Q1

Fast-food giant Jollibee Foods Corp. (JFC) saw its earnings increase to a billion-peso level in the first quarter of 2022 as sales grew amid the further reopening of the economy during the period.

In a disclosure to the Philippine Stock Exchange on Thursday, JFC reported an attributable net income of P2.3 billion, up 1,412% from P153 million year-on-year.

The company’s system-wide sales grew by 25.5% to P60 billion, driven by same-store sales growth of 16.5% and its global store expansion and new acquisitions, which contributed 5.5%.

JFC said its net income for the first quarter of the year includes gains from the transfer of certain land properties of the JFC Group to CentralHub and the sale of other land properties amounting to P1.8 billion. 

The land conveyance is part of the JFC Group’s plan to invest in CentralHub, which the JFC board of directors approved on July 7, 2021.

CentralHub is a company in the industrial real estate business.

“Despite the challenges brought about by the surge in Omicron variant in some markets where JFC operates and the increase in prices of raw materials and energy, our business performed well and even set a new record for sales for a first quarter," said JFC chief executive officer Ernesto Tanmantiong.

"System-wide sales of our businesses in China, North America (Philippine brands), EMEAA including SuperFoods have reached pre-pandemic levels driven by continued store expansion,” he added.

JFC Group said it opened 107 new stores in the first quarter: 19 in the Philippines, 19 in China, nine in North America, and 13 in EMEAA, or Europe, Middle East, and Africa. —VBL, GMA News