Jollibee Foods Corp., said it has bought the remaining 15 percent stake of partners in the Tim Ho Wan franchise joint-venture for Asia Pacific for SGD71.56 million, as it reported a P1.13 billion profit for the first half of the year.
Jollibee said unit Jollibee Worldwide Pte. Ltd. (JWPL), which owns an 85 percent participating interest in the Titan Dining LP, which owns the Tim Ho Wan brand and company-owned Tim Ho Wan stores.
The buyout of partners seals Jollibee’s venture in the Tim Ho Wan brand in 2018 when it bought a 45- percent participating interest in Titan Dining which was the master franchisee of Tim Ho Wan in the Asia Pacific region.
Jollibee has been opening Tim Ho Wan stores in Shanghai, China.
Jollibee first half profit was a reversal of last year’s P11.96 billion loss. Revenues reached P71.37 billion, up 13.7 percent from P62.76 billion, with system-wide sales at P98.3 billion, up 14.5 percent from P85.83 billion last year.
Earnings before interest tax depreciation and amortization (EBITDA) was at P10.69 billion, a reversal from a P4.42 billion loss last year.
