Jollibee profits up 19% in Q3 on higher sales
MANILA, Philippines - Profits of Jollibee Foods Corp. grew 18.9% in the third quarter on higher sales, the company said in a disclosure on Wednesday.
The firm said net income attributable to equity holders of the company amounted to P882 million from P741 million last year.
System-wide retail sales increased 12.1% to P22.416 billion from P19.993 billion, as revenues climbed 13.8% to P17.324 billion from P15.226 billion.
System-wide sales refer to those made through company-owned and franchised stores, while revenues pertain to sales from company-owned stores and commisaries and royalty income from franchised stores.
"Sales growth was broad-based and volume driven resulting from better-value-for-money recognition by consumers on its products and services," the firm said.
In the nine months to September, the firm booked P2.475 billion in net income attributable to equity holders, up 20.4% from P2.056 billion last year.
System-wide retail sales surged 13% to P66.918 billion from P59.199 billion, while revenues increased 15% to P51.500 billion from P44.780 billion.
Jollibee opened 149 new stores worldwide in January to September.
The firm operates the country's largest food service, with a total of 2,040 stores as of end-September. The firm's stores include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.
For its foreign operations, the company has 541 stores as of end-September. Aside from the Jollibee foodchain, stores abroad inclue Yonghe King, Hong Zhuang Yuan, San Pin Wang, Red Ribon, Chowking, and Chow Fun.