Max’s Group posts 38% growth in 2022 net income

Casual dining restaurant operator Max’s Group Inc. (MGI) on Monday reported a 38% growth in its 2022 bottom line, as the company reported stronger performances of its brands during the year.

In a disclosure to the local bourse, MGI said its organic net income for the past year rose to P622 million, reflecting a 38% increase from the P451 million in  2021 which included a P377-million gain from the sale of a subsidiary.

The company attributed the jump to its core portfolio of brands, with Max’s Restaurants and Pancake House recording sales boosts as restrictions were relaxed further.

“Despite the challenges that the organization has faced since the first lockdown in 2020, our business model has been tested and proven, with consistency of executed strategies as evidenced in our recovery,” CEO Robert Trota said.

MGI’s portfolio also includes Yellow Cab Pizza Co., Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple, Max’s Kabisera, Le Coeur De France, and Singkit.

It ended 2022 with 678 stores across 14 territories — 612 sites in the Philippines, and 66 stores in North America, the Middle East, and Asia.

Systemwide sales for the year jumped by 41% to P17.60 billion from P12.52 billion, while consolidated revenues increased by 44% to P7.64 billion.

Fourth-quarter systemwide sales stood at P5.04 billion, 29% higher than the P3.90 billion in 2021. Local market sales rose by 33%, while the international business grew by 15%.

“The remastered fundamentals that started in 2020, coupled with our strategic pivots, are not only seen in our financial performance but on how the Group has evolved,” president Ariel Fermin said.

Shares in MGI were trading up P0.06 or 1.24% at P4.90 apiece as of 11:03 a.m. on Monday, March 20, 2023.—AOL, GMA Integrated News