JFC reports audited revenue slightly higher than last year

FOODSTUFFS company Jollibee Foods Corp. (JFC) reported on Monday an audited net profit of 5.98 billion pesos attributable to shareholders, up 0.67 percent from the 5.94 billion pesos reported last month.

“The minor difference is due to adjustments resulting from the year-end audit,” he said in a press release.

Earnings last year marked a return to profitability for the restaurateur, which recorded a net loss of 11.51 billion pesos in 2020.

JFC said its positive performance was due to cost savings generated by a business transformation program implemented in 2020 and continued strong cost and profit management last year.

“JFC’s operating income slightly decreased by 0.7% to 6.3 billion pesos compared to the operating income disclosed in February 2022. The difference is due to additional leases of new stores recently opened in 2021 not yet reflected in unaudited financial statements for accounting purposes for leases under PFRS-16,” the company said in a disclosure Monday.

JFC said its system-wide sales and revenue were the same as previously disclosed in February.

Compared to the unaudited consolidated balance sheet, total assets increased by 1.3% due to an increase of Pula 3.3 billion in right-of-use (ROU) assets, particularly for business abroad. Total liabilities increased by 2.1% or 2.8 billion pula due to the increase in the foreign company’s lease liabilities compared to the increase in assets in ROU.

JFC’s operating profit of 6.3 billion pesos is a turnaround from the operating loss of 12.8 billion pesos for 2020 and about the same level as 2019 or a profit of pre-pandemic exploitation of 6.5 billion pesos.

Earnings before interest expense, taxes, depreciation and amortization (EBITDA), a proxy for operating cash flow, improved to 23.6 billion pesos in 2021 from 4.8 billion pesos in 2020 .

JFC has 18 brands operating in 34 countries, with a total store network of 5,961 outlets as of February 2022. Of these, 3,220 stores are in the Philippines and 2,741 overseas.

The principal business of the Company is the development, operation and franchise of quick service restaurants under the trade names: Jollibee, Chowking, Greenwich, Red Ribbon, Yong He King, Hong Zhuang Yua, Mang Inasal, Burger King, Highlands Coffee, PHO24, Hard Rock Café, Dunkin’ Donuts, Smashburger, Tim Ho Wan, Tortas Frontera, The Coffee Bean & Tea Leaf and Panda Express.

On the stock exchange, JFC shares rose 2.71% or 5.80P to close at 219.80P on Monday. — Luisa Maria Jacinta C. Jocson

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