Jollibee net income soars 186% in Q2 22

Its earnings reached P2.8b from P976m.

Despite cost pressures, Jollibee Food Corporation’s (JFC) net income to equity holders of the parent rose by 185.8% in the second quarter (Q2) of 2022 to P2.8b or 2.310 per share from P976m or P0.885 per share in the same period in 2021.

In a financial statement, JFC said system wide sales went up by 44.8% to P73.1b in Q2. Its revenue also grew by 41.9% to P52.1b.

JFC Group’s Chief Financial Officer Richard Shin recorded a 2.2% increase in cost of inventories but said they were able to offset this challenge.

“This was offset by a 3.3% points reduction in store and manufacturing costs reflecting JFC’s effective pricing actions and operational efficiencies to support margins,” Shin said.

To date, JFC Group opened 230 new branches, with 50 in the Philippines, 38 in China, 16 in North America and 18 in Europe, the Middle East and Africa.