'Strong start': JFC posts P2.3-B net income in Q1, opens 107 stores worldwide

Jessica Fenol, ABS-CBN News

Posted at Jun 27 2022 09:11 AM

A bucket of Jollibee Chickenjoy. Handout
A bucket of Jollibee Chickenjoy. Handout

MANILA - The Jollibee Group said it had a strong start in year 2022 with a P2.3-billion net income and its continued global expansion following significant investments the previous year.

The P2.3-billion net income attributable for equity holders in the first quarter is a significant increase from the P152.6 million in the first quarter of 2021, JFC said in a disclosure to the stock exchange. 

In the first quarter of the year, JFC said it opened 107 new stores, wherein 19 are in the Philippines, 19 in China, 9 in North America, and 13 in Europe, Middle East, Africa and Asia (EMEAA) as well as 19 stores for SuperFoods and 28 stores for Coffee Bean and Tea Leaf, Jollibee Group CEO Ernesto Tanmantiong said during the company's shareholders' meeting held Friday.

It 2021, it rebounded with an operating income at P6.3 billion which is almost the same as its pre-pandemic level of P6.5 billion, JFC said. 

Last year, JFC said it opened 399 stores with a total capital expenditure of P7.9 billion, of which 314 were international locations.

"We achieved this through continued strong cost and profit management, as well as initiatives that adapted to changing consumer habits such as strengthening our off-premise capability, increasing our presence in major digital platforms and introducing exciting new products," Tanmantiong said.

The group said its investment in CentralHub, a real estate investment trust (REITs) with a planned initial public offering (IPO), would help finance further expansion by reinvesting the proceeds in more properties for the REIT. 

DoubleDragon and its industrial leasing unit CentralHub Industrial Centers Inc earlier said it signed a P3.97 billion deal with JFC as they eyed the creation of the country's first industrial REITs.

The company earlier said it aims to grow its network in Europe to 50 stores. It also wants to become among the top 5 restaurants in the world. 

"Through consistent and disciplined execution of our fundamentals of serving great-tasting food at good value for money price points and continuous innovation and quick adaptation, we will reach our vision of becoming one of the top five restaurant companies in the world," Tanmantiong said.

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