Jollibee Q2 profit reached P3.4 billion

Jollibee Foods Corp. (JFC) posted a record P3.4 billion attributable net income in the second quarter as stronger sales and pricing measures helped the restaurant giant recover from cost pressures at the start of the year.

The fast-food giant said on Tuesday its net income attributable to equity holders of the parent company (NIAT) rose 5.7 percent year-on-year and surged 130.5 percent from the first quarter.

This marked JFC’s highest quarterly NIAT on record.

Earnings per share likewise increased 5.8 percent to P2.949. The record profit came as consolidated revenues grew 10.7 percent year-on-year to P85.9 billion.

Also, system-wide sales climbed 14.2 percent to P130.8 billion.

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System-wide sales in the Philippines rose 5.7 percent while the international business expanded by a faster 25.4 percent.

JFC said pricing and margin recovery initiatives introduced beginning in April helped offset elevated commodity, logistics and other supply chain-related costs.