Jollibee nets P1.08 B

Screengrab from www.jollibee.com.ph

MANILA, Philippines—Local fastfood giant Jollibee Foods Corp. grew its first-quarter net profit by 20.5 percent year-on-year to P1.08 billion, driven by strong sales in the Philippines and overseas.

Group-wide sales expanded by 14.6 percent to P27.3 billion in the first quarter from the same period last year — the fastest quarterly organic sales growth posted by the company in five years.

The Philippine business reported a 12.3 percent growth while the foreign business increased by 24.3 percent.

The offshore business was supported by a 22.3 percent growth in China operations, 39.1 percent growth in Southeast Asia and Middle East business and 19.5 percent growth in US business.

In the Philippines, sales were strong in all brands, with Greenwich, Red Ribbon and Mang Inasal posting double-digit expansion. The company also reported increased volume from higher consumer visits.

The Jollibee group had some slight adjustment in first quarter selling prices to cover the increase in cost of raw materials.