Jollibee Foods Corp., the largest Asian food service company, said Tuesday net income grew 17.2 percent in the second quarter to P1.65 billion from P1.41 billion in the same period last year, on store expansion and election spending.
Jollibee said in a disclosure to the stock exchange systemwide retail sales, a measure of all sales to consumers at company-owned and franchised stores, grew 15.1 percent in the second quarter to P37.1 billion.
Sales in the Philippines grew 17.9 percent in the second quarter while foreign sales rose 3.7 percent.
“Our Philippine business which accounts for at least 80 percent of our worldwide sales has been experiencing its strongest organic growth in many years,” Jollibee chief executive Ernesto Tanmantiong said.
Net income in the first half climbed 17.5 percent to P3.05 billion as systemwide sales improved 15 percent to P71.44 billion.