Jollibee Foods Corp (JFC) Bounces Back from 2021 Revenue Slump, Reports P2.3 Billion Net Income in Q1

Jollibee Foods Corporation (JFC), one of the biggest restaurant operators in the Philippines has announced a positive jump in revenue with its net income attributable to equity holders now at P2.3 billion, bouncing back from the previous year’s slump of only P152.6 million in the same period.

“Despite the challenges brought about by the surge in Omicron variant in some markets where JFC operates and the increase in prices of raw materials and energy, our business in China, North America (Philippine brands), EMEAA including SuperFoods have reached pre-pandemic levels driven by continued store expansion,” JFC’s chief executive officer Ernesto Tanmantiong says.

The company has also disclosed to the stock exchange its operating income of P2 billion, which saw a 33.8% increase “driven by the acceleration of profit growth in the Philippines.” Meanwhile, JFC’s system-wide sales rose by 25.5% to P60 billion in Q1, also mostly driven by sales growth, new acquisitions, and store network expansions all over the globe.

Although the outlook for JFC this 2022 is expected to remain positive, the company remains on the lookout for possible rising costs for raw materials. JFC’s Chief Financial Officer Richard Shin says, “Costs are accelerating because of higher inflation and broad-based supply chain challenges. JFC will take necessary steps to protect its margins including implementing cost improvement and revenue management initiatives,”

In order to safeguard the company’s profit margins, JFC has been continuing its internal cost efficiencies in addition to implementing price adjustments in 2021 and in the first quarter of 2022.

Source: ABS CBN News