Jollibee net income up 29 pct in first half

Photo released on August 4, 2023 shows a new Jollibee branch in Pilillia, Rizal that opened on March, 2023. Handout

MANILA -- Jollibee Foods Corporation's (JFC) net income went up by 29 percent to P5.7 billion in the first half of 2024. 

In the second quarter alone, net income went up 31 percent to P3.04 billion.

Jollibee said revenue grew by 10.6 percent to P67.2 billion, as their Philippine business expanded by 11.1 percent and the international business by 9.7 percent.

Margins also expanded, said Jollibee Group CEO Ernesto Tanmantiong. 

He added that the Jollibee, Chowking and Mang Inasal brands exceeded their system-wide sales targets. Jollibee, in particular, saw its system-wide sales in the Philippines increase by 11.8 percent, while international system-wide sales went up by 23.9 percent.

"Our coffee and tea business improved sequentially and year-on-year, led by The Coffee Bean and Tea Leaf (CBTL) which grew (system-wide sales) by 25.6 percent during the quarter," Tanmantiong added.

The Jollibee Group said its net income attributable to equity holders of the parent company climbed 26.9 percent in the first quarter.

Jollibee said it wants to expand the Jollibee brand internationally in 2024, including expanding exponentially in China. The company also said it wants to grow its coffee and tea business. 

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