Jollibee net profit rose by 20.5% in Q1

MANILA, Philippines—Jollibee Foods Corp. grew its first-quarter net profit by 20.5 percent year on year to P1.078 billion on the back of strong sales in the Philippines and abroad.

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

Operating income rose also by 17.7 percent to P1.38 billion during the period.

Its business in the Philippines reported a 12.3-percent growth, while its foreign business increased by 24.3 percent.

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

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

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

As of end-March, the group was operating a total of 2,805 stores globally, of which 2,217 restaurants are in the Philippines.