Jollibee profits up 25.5% to P5.89B in H1

Homegrown fast-food giant Jollibee Foods Corp. posted higher net earnings in the first half of 2024, boosted by growth in its Philippine and international operations.

In a disclosure to the Philippine Stock Exchange on Wednesday, Jollibee Group reported a net income of P5.891 billion in January to June 2024, up 25.5% from P4.694 billion a year earlier.

Jollibee Group’s system-wide sales stood at P186.6 billion, up 11.3% from P164.13 billion a year ago.

Revenues totaled P128.52 billion, up 10.9% from P115.879 billion year-on-year.

In the second quarter alone, Jollibee Group booked a net income of P3.18 billion, up 27.3% from a year earlier.

Meanwhile, second-quarter system-wide sales and revenues amounted to P95.8 billion and P85.5 billion, respectively.

“The Jollibee Group’s momentum this year continues with excellent second quarter performance. Our revenue grew by 10.6%, led by the Philippine business, which increased by 11.1%, and the international business, which grew by 9.7%,” said Jollibee Group CEO Ernesto Tanmantiong.

“System-wide sales of the Jollibee Philippine business grew by 11.8% while international business grew by 23.9%, with EMEAA (Europe, the Middle East, and Africa) and North America growing by 28.0% and 18.9%, respectively,” added Tanmantiong. —VBL, GMA Integrated News