Jollibee shows stronger performance in H1 22 despite closures in China
Reimposition of strict lockdown measures globally may pose risk.
Jollibee Food Corporation, has outperformed in the first half of 2022 even as 3% of its store network were shuttered in China, analyst, CGS-CIMB, said.
Its attributable income soared 351.7% year-on-year to P5.1b, exceeding CGS-CIMB’s expectation of a 62.3% rise.
CGS-CIMB said China lockdowns may ease over the next 12 months which could help Jollibee operations recover in the market.
“Re-rating catalysts include the full lifting of mobility restrictions in China, quicker store and brand portfolio expansion, and lower inflation,” said the analyst.
But the corporation is still not exempted from reimposition of strict lockdown rules, prolonged rising costs, and delayed store expansions.