Jollibee delivers blowout Q2 as profit soars to record high

Jollibee Foods Corp., led by the family of bilyonaryo Tony Tan Caktiong, said its first semester net income quadrupled to P5.1 billion, driven by its blockbuster second quarter results.

JFC said systemwide sales, a measure of all sales to consumers both from company-owned and franchised stores, grew 35.4 percent in the first half from P98.3 billion in 2021.

From April to June, system wide sales grew by 44.8 percent to an all-time high of P73.1 billion, buoyed by same store sales growth of 32.6 percent.

Jollibee said almost all brands registered strong double-digit growth during the quarter as demand bounced back with the easing of COVID-related restrictions in many parts of the country.

The company’s international business likewise improved by 6.9 percent despite a decline in the China business’ same store sales growth due to COVID-related restrictions.

The drop in China’s sales, however, was offset by other international markets, such as North America and Europe/Middle
East/other parts of Asia (EMEAA), which registered robust same store sales growth.

“We are pleased with our strong top line growth led by our Philippine business which
delivered better-than-expected sales for the second quarter and got back to its pre-pandemic sales level,” Jollibee CEO Ernesto Tanmantiong said.

He said the group is encouraged to see further improvement in dine-in sales, while also sustaining growth in its delivery business.

JFC, which has 18 brands under its portfio, is present in 34 countries. It opened a total of 230 new stores in the first half, of which 50 were in the Philippines.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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