Corporate News

Foreign businesses prop up Jollibee earnings

Posted on May 13, 2017

JOLLIBEE Foods Corp. said net profit attributable to the parent company (NPAT) rose 9.6% in the first quarter on the back of accelerating growth from foreign businesses.

In a regulatory filing, the listed firm said NPAT increased to P1.53 billion from the P1.40 billion booked in the same period last year.

This translates to P1.426 in earnings per share.

JFC’s net profit rose 2.9% to P1.47 billion during the first quarter.

Meanwhile, revenue totaled P29.29 billion during the first quarter, up 12.2%, as system-wide sales improved 12.2% to P38.54 billion amid strong sales growth both locally and overseas.

“All regions are generating profit and have improved their profit contribution in the first quarter of 2017 compared with the same period in 2016,” read the firm’s statement.

Overseas chains in all regions also saw growth during the period particularly in China with recovery of Yonghe King, JFC’s biggest brand in the area.

As of March 31, the company was operating 2,684 restaurant outlets in the country under the brands Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.

Overseas, it was operating 620 stores in China, North America, Southeast Asia and the Middle East.

JFC disclosed last week that, in line with an earlier agreement, its wholly-owned subsidiary, JSF Investments Pte. Ltd. (JSF) and its partner, Viet Thai International Joint Stock Company (VTI), in their joint venture, have completed a key step in their plan to list SuperFoods Group as a public company in Vietnam by adjusting the ownership interest in the SuperFoods Group to 60% for JFC and 40% for VTI from the previous 50-50 ownership structure.

The SuperFoods Group is expected to add 22l stores to the JFC Group’s network.

On Friday, JFC shares fell P1 to P212. -- Janina C. Lim