MANILA: Jollibee Foods Corp. made P3.08 billion in net income in July to September, up 3.5 percent from a year earlier, buoyed by soaring system-wide sales.
In a disclosure to the Philippine Stock Exchange on Tuesday, the developer and operator of quick service restaurants noted system-wide sales grew by 12.4 percent at P36.391 billion from P32.319 billion in the same comparable period. Citing unaudited financial results, the company said revenue was up 11 percent at P27.816 billion from P25.052 billion.
“We expect to close 2016 with the highest system-wide sales growth in five years, and the highest organic growth in at least a decade driven by strong same store sales and the highest store network expansion,” said CEO Ernesto Tanmantiong.
Jollibee noted its businesses in the US, Philippines, Southeast Asia Philippine and the Middle East posted double-digit expansions except for China which registered a 2.4 percent decline. Tanmantiong said, however, the growth in JFC’s foreign businesses – including China – have improved compared with previous quarters.
“We look forward to the continued recovery of our China business with the introduction of new products in the months ahead.He cited the need for more investment to fuel growth and increase the company’s supply chain capabilities in the Philippines and abroad to achieve its growth goals.
