Jollibee profit soars nearly 20 per cent

Philippine fast-food franchise Jollibee posted an increase in profit of nearly 20 per cent in its third quarter.

Backed by strong sales, the firm has posted a 19.2 per cent rise in net income attributable to shareholders to PHP6.09 billion (US$114.5 million).

According to Jollibee’s CFO Ysmael Baysa, the company’s global sales have seen strong growth this year, including in its home base in the Philippines, partly driven by concerted efforts to expand Jollibee’s store network.

“We look forward to the recovery of Jollibee profit margins in the Philippines next year and the significant improvement in the profit performance of our new businesses in the next one to two years,” he said.

Beyond its own franchise, Jollibee operates the Chowking, Greenwich, Red Ribbon and Smashburger brands in various worldwide locations. It currently has 3003 stores worldwide, with more set to open in the immediate future in Malaysia and Guam.

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