Update on Jollibee Foods Corp Net and Operating Income in Q1 of 2022
Jollibee Foods Corp revealed its net income in the first quarter of 2022 and as well as the operating income.
Several businesses in the Philippines were greatly affected by the COVID-19 pandemic. To fight the spread of the disease, the government had to implement restrictions. During the times when the cases were high, many businesses were on limited operations as they abide by the restrictions.
Many businesses were not able to withstand the demands of the pandemic. Several companies, firms, and establishments had no choice but to temporarily close amid the high cases of COVID-19 in the country that called for strict measures. There were several businesses that even permanently closed.
Not only small businesses were affected but as well as big ones. In 2021, the net income of Jollibee Foods Corp was P152.6 million in the first quarter. Meanwhile, it recently made a huge jump.
Based on a report on ABS-CBN News, the net income of Jollibee Foods Corp in the first quarter of 2022 reached P2.3 billion – a huge jump from the P152.6 million net income of the country’s largest restaurant operation in the same period last year.
According to JFC, its huge net income includes the profits it made from the transfer of certain land properties like DoubleDragon’s CentralHub. With regards to its operating income, it rose by 33.8% to P2 billion in the first quarter of the year.
Jollibee Foods Corp said that the increase in the operating income is driven by the growth of profit in the Philippines. The system-wide sales increased by 25.5% to P60 billion. JFC CEO Ernesto Tanmantiong stressed that they continued with expansion in some areas despite the challenges posed by the pandemic. One hundred seven new stores were opened by the restaurant company in different areas in the first quarter of this year despite the pandemic.
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